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By Matthias Knab: In June 2008 I spent about one week in Dubai (my third visit), where I was chairing a three-day executive conference with central bankers, CEOs, CIOs, treasurers and other allocators. In a lose series of articles, I will share with you some of the insights gained at that conference.
It becomes quite obvious that the sheer amount of Petrodollars to be created in the 4th GCC Oil Boom (2002 - ????) (see Part 1 of this article series: `An embarrassment of riches` ($30 trillion until 2030) together with the rise of Islamic Finance as a new paradigm has the potential to profoundly change the global financial system, as we know it today.
Sukuks grow nine times faster than international corporate bonds - Will Islamic Finance create a new financial order?
Islam is followed by 1 billion to 1.8 billion Muslims, making it the second-largest religion in the world, after Christianity. Sales of sukuk (Islamic bonds) grew nine times faster than international corporate bonds in 2006 and twice as fast as the U.S. market for debt with ratings below investment grade, data compiled by Bloomberg show.
Will Islamic Finance create a new financial order? This will be discussed in part four, the next article to be published in this series.
Before really delving into Islamic Finance, whose roots date back to the Islamic Golden Age (8th to 12th century) in part...................... To view our full article Click here
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