Continuation
ISLAMIC
FINANCE IN THE GLOBAL FINANCIAL SYSTEM (By BALJEET KAUR GREWAL)
Islamic finance
has developed significantly over the years.
It became a
noticeable part of the international financial system (see Chart 1a).
The value of
Islamic financial assets worldwide increased from USD 150 billion in the
mid-1990s to about USD 1.6 trillion by end-2012.
That led by
the Islamic banking sector and the global sukuk market (see charts 1b and 1c).
And, in 2013,
it is estimated to have reached the high figure of USD 1.9 trillion.
Despite the
formidable growth of the last few years, Islamic finance still accounts for a
relatively small share of global finance.
It remains mostly
localised in selected areas of the world, particularly in the Middle East and
Far Eastern Asia (see Chart 1).
From the research paper of
European Central Bank
(Authors: F.Mauro, P.Caristi, S.Couderc, A.D.Maria, L.Ho,
B.K.Grewal, S.Masciantonio, S. Ongena and S.Zaher)
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