Posted by: islamicfinancingnews | April 12, 2013

Global growth of Islamic finance continues

kita-disyorkan-memilih-islamic-loan2 Many countries understand the global recognition Islamic finance has received and want to offer Islamic banking services and products to their citizens. The market for Islamic financing is expected to expand in countries like Indonesia, which boasts the largest Muslim population in the world, as well as Malaysia, where the government supports Islamic finance. This alternative financing method is also showing growth in some unexpected markets. For example, Japan is a country where financial institutions are beginning to offer products that abide by Islamic principles to Muslim countries in the region.

A recent article in the Wall Street Journal reports both Mizuho Financial Group Inc. and the Bank of Tokyo-Mitsubishi UFJ are planning to offer Islamic financing in Malaysia with the latter institution establishing a committee of Islamic scholars to ensure its financial dealings with neighboring Muslim countries complies with the principles of Sharia law.

It is estimated the total value of Islamic financial assets were worth approximately $1.6 trillion at the end of 2012, with continued robust growth expected this year. By following the links back to the parent website of this blog, Muslims here in North America can learn more about the different financing options including Islamic mortgages free from Riba.


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