Posted by: islamicfinancingnews | March 30, 2013

Islamic finance continues its global appeal

kita-disyorkan-memilih-islamic-loan2 Although Islamic finance which is based on ethical principles that include prohibition against gambling and bans on interest remains on a smaller scale compared to more conventional finance, it has witnessed a significant global growth over the last several years. Standard & Poor, the international ratings agency, projects Islamic financial assets could double to approximately $3 trillion by the year 2015 attributed in large part to younger, faster growing Muslim populations across the globe.

Supporting this international growth trend is a recent report by Bloomburg.com that states Senegal is one of the latest countries hoping to establish its capital city of Dakur as a center for Islamic finance. Authorities there are hoping to attract investors in Islamic finance to raise money for development in this West African region where Muslims account for about 92 percent of the population.

Meanwhile, in an attempt to counter competition in the industry from financial centers like Dubai in the United Arab Emirates and the Malaysian capital city of Kuala Lampur, the UK government recently initiated a campaign to promote the city of London as a viable economic hub for Islamic finance.

Practicing Muslims residing in North American can find all the information they need about obtaining proper Islamic loans free from Riba by following the links back to the parent website of this blog.


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