24.02.2011 - London gets jump on New York in Islamic finance
From AP: London winning race to capture burgeoning global Islamic finance market. In a post credit-crisis world, Islamic banking is tipped to be a major growth area for international financing. It currently represents around just 2 percent to 3 percent of global financial assets, or almost $1 trillion, but it is growing at an average of 25 percent each year. Much of the business originates and is carried out in the oil-rich Gulf and in Malaysia, whose capital Kuala Lumpur is widely regarded as the industry's hub. But investors in the Muslim world, sitting on piles of oil-generated cash that needs a home, are increasingly eyeing Western countries mirred in debt for potential investments...............................................Full Article: Source
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