The global Islamic finance industry is valued at $1.14 trillion and is growing at a rate of 10 per cent annually.
This was contained in the just released Global Islamic Finance Report for 2011.
The industry, the report observed, is gradually building the depth, quality and quantity of its product portfolio and entering into new, previously unfounded fields in the financial markets.
Editor-in-Chief of GIFR 2011, Professor Humayon Dar, said : “In the aftermath of the global financial crisis there is a pressing need for an alternative financial paradigm, one that is imbued with a sense of social responsibility whilst maintaining a profit maximisation objective. Islamic finance presents such an alternative. Since its inception 40 years ago, Islamic finance has grown and is still growing at a precipitous rate. More Muslim and non-Muslim countries are adopting Islamic finance services highlighting a BRight future for this once niche industry”
“There are new fangled Shari’a compliant derivatives, innovations in asset and wealth management, improvements in efficiency of banking and the creation of products which satisfy regulatory requirements.”