| Islamic finance has grown significantly in the past few years and could become the largest segment in a number of banking systems in the Middle East by 2020 with a penetration rate in excess of 50 percent of the local banking assets. In Malaysia and Bangladesh, it would be close to 50 percent, based on a research by HSBC Amanah using historical compound annual rate of growth.
Yakub Bobat, global head of HSBC Amanah Commercial Banking, on September 20 told a Sibos conference being held in Toronto, Canada that at the end of 2010, the penetration rate of Islamic assets in Saudi Arabia and Kuwait was more than 30 percent, Malaysia 22 percent, and United Arab Emirates and Bangladesh 18 percent..............................................Full Article: Source
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