Posted by: islamicfinancingnews | December 24, 2012

Expansion continues for Islamic finance

islam-11 With Islamic finance currently valued at approximately US$144 billion in Malaysia, this vibrant economy is looking to double those banking assets over the next several years.

A recent article in The Malaysian Insider reports the Islamic banking industry is looking to increase their share of assets from approximately 20% currently to 40% by the year 2020. As a result, Islamic banks in this multi-ethnic, multi-religious South-East Asia society with a Muslim majority population in most of its states are hoping to extend their services and products to appeal to average customers in an effort to compete with more traditional lenders.

To accomplish this undertaking, the website article notes Malaysia’s central bank governor plans to introduce legislation to support takaful products and help the country’s central bank regulate the Islamic banking industry, which is valued globally at US$1.3 trillion (RM3.9 trillion), so it can achieve its growth potential.

As the Islamic financial industry continues to grow worldwide, practicing Muslims in Canada who comprise about 2.8% of the country’s 32.8 million population, according to a statistic outlined in a recent article from the leading portal, can obtain interest free Islamic mortgages here at home. Talk to your lender about the best ways to qualify.

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