Opportunities for growth in the Islamic finance market
Islamic banking and finance ‘...has shown resilience at a time when the global economy has slowed and conventional banking in Western countries has been under pressure. By contrast global assets of Islamic finance have doubled since the start of the economic downturn’ posits UK Islamic Finance. Not only do Islamic instruments offer an interesting and perhaps more socially acceptable face of finance, but the appearance of Islamic banking globally is set to significantly increase as Islamic populations increase, prosperity rises and the industry coalesces around a narrative that appeals to consumers. Several emerging hubs are staking their place in the newly emerging ecosystem of the Islamic economy, with the decade ahead set to be a mixture of competition and cooperation. Those that can use information and technology strategically to position themselves favourably, as in conventional banking, stand to gain the most in this emerging ecosystem.
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