Islamic finance in Europe (53)

Continuation

2.1 ISLAMIC BANKING

Islamic finance has only made substantial advances within the lastdecade.

The Islamic banking industry, in particular, has been growing at a sustained rate, despite being at a nascent stage.

Islamic banks handled approximately USD 1.3 trillion (estimate) in assets at the end of 2012.

They have experienced a growth rate of 15-20% per annum over the last five years.

Islamic banking continues dominate the global Islamic finance industry, representing about 80% of total Islamic financial assets.

Iran, four prominent Gulf States:

-      Saudi Arabia

-      United Arab Emirates

-      Kuwait

-      and Qatar

as well as countries in South-East Asia account for most of the Islamic banking market.

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)