Fast growing Islamic finance sector worth $200 billion
Islamic Finance is increasingly acknowledged as one of the world’s fastest growing financial sectors, according to iHilal CEO Ramzi Abu Khadra, who estimated the sector is currently worth $200 billion. “Forecasts show the sector maintaining double digit annual growth for the next 15 to 20 years,” said Abu Khadra.
Abu Khadra says the phenomenal growth is partially due to the rise in the number of Islamic financial institutions on the market and an increase in the number of Muslims investing in Islamic products.
“Previously Muslims could only invest in non-Shari’ah financial products. New Islamic banks are fulfilling a role, which not so long ago was absent in the market. Now consumers have more options and more importantly access to Shari’ah compliant products,” he said.
But Abu Khadra said the sectors appeal is not confined to the Arab world. “While the lion’s share of the industry is found in the Middle East, Islamic financial solutions have gained market share in 75 countries across the globe,” he explained.
“The fundamental principles behind Islamic finance are universal in appeal and so Muslims and non-Muslims alike are adopting this mode of banking and wealth management. From a pure investment view Islamic finance is an extremely attractive option,” said Abu Khadra.
Abu Khadra is to outline the near universal appeal of Islamic products when he addresses the Arab Banking Technology Exhibition and Conference (ABTEC), being held at the Jumeirah Beach Conference Center in Dubai, United Arab Emirates (UAE), from April 22-24, 2002. — (menareport.com)
© 2002 Mena Report (www.menareport.com)