02.01.2013 - Islamic finance industry enters 2013 with new strength
The year 2012 marked a turning point for banking on Islamic principles as new markets and new regulations in the Mideast helped the sector to flourish. According to Ernst and Young, globally assets managed in line with Shari'ah will reach in 2013 an all-time high, amounting to 1. 8 trillion U.S. dollars, up from 1.2 trillion U.S. dollars in 2012. Neither the ongoing turmoil in the Middle East nor the Euro zone debt crisis could prevent Islamic banks in the Middle East from reaching out to new markets and more business. While issuances of Islamic bonds, known as sukuk, flourished and new markets like Egypt and Oman embraced the banking in line with Shari'ah by setting up new laws and regulations to remove legal hurdles for Islamic banks...............................................Full Article: Source
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