Jersey is well placed to benefit from a forecast massive rise in Islamic finance by having made such a strong move into the Gulf region, according to global advisory firm Ernst & Young. The global demand for sukuk, securities structured to comply with Islamic law, is expected to grow three-fold from US$300 billion to US$900 billion by 2017, according to estimates by the big four accountancy firm.
And a senior manager at the firm’s global Islamic banking centre, Bilal Ahmed, said that as most of the demand for sukuk comes from South East Asia and the Middle East, Jersey can capitalise on its strong links with Arab states in order to increase its involvement in the area………………………………………..Full Article: Source