| The rise and continued growth of the Islamic finance industry has been well documented. The reports of 10, 12 and even 15 percent annual growth have captured the attention of those in conventional banking and finance. A number of Islamic banks are based in London, but the industry is mostly Malaysia and GCC-centric.
Critics of Islamic finance have stated that the label of “shariah” is not conducive to widespread development of the industry in Europe. They are known as “participation banks” in Turkey for this reason. Everybody in the industry is aware of the growth rates, the increasing issuance of Islamic bonds, called sukuk, and the continuing scandals that emerge out of the world’s financial centres such as London and New York that allow Islamic finance to market itself as a legitimate alternative system...............................................Full Article: Source
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