Posted by: islamicfinancingnews | October 30, 2012

Islamic finance on the rise globally

Islamic finance is growing significantly beyond Muslim countries and showing growth potential in some unexpected markets. This according to a Haslinda Amin, news anchor and Southeast Asia correspondent for Bloomberg Television and author of a recent article in The South China Morning Post, the first English-language Hong Kong daily newspaper. According to Amin, Islamic finance is a US$1.3 trillion global industry and a sector that has seen an annual growth rate somewhere between 15 and 20 percent during the past ten years.

The degree of profit-loss sharing between all parties so neither the customer nor the financial institution profits unreasonably from financial transactions is one of the distinguishing features of Islamic finance. It is also an element of “ethical and responsible banking” that Amin says appeals to non-Muslim customers looking for this type of financing alternative. She suggests that’s one reason why conventional banks in financial centres around the world are looking to develop Sharia compliant services as evidenced by new Islamic banks opening recently in the UK, Germany and China. While London leads the way when it comes to financial institutions that are Sharia compliant, other cities like Paris, Frankfurt and Luxembourg are competing to become competitive international centres for Islamic finance as well.

Canadian Muslims can follow the links back to the parent website of this blog to learn more about the different financing options available here, including Islamic mortgages.

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