Year upon year, the Islamic finance industry posts stellar growth figures. However, as large Western lenders withdraw from the sector, is Islamic finance in as healthy a shape as the figures suggest? The Banker asks a number of experts in the field what the future holds for sharia-compliant banking.
There has been no shortage of articles written about how Islamic finance is growing at a galloping pace, with its estimated 15% to 20% annual growth rate considerably outstripping that seen in the conventional banking industry. Global Islamic assets held by commercial banks stood at $1.3bn in 2011, but the industry’s forecast growth of some 40% over two years will see this figure rise to $1.8bn in 2013, according to research by Ernst & Young………………………………………..Full Article: Source