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Islamic banking, finance expected to hit $2.5trln in 2015

Islamic banking, finance expected to hit $2.5trln in 2015
Islamic banking and finance industry is expected to witness major growth in 2015, rising by nearly 19% to $2.5 trillion, compared to $2.1 trillion in 2014, The Peninsula stated citing a report by Al Huda Centre of Islamic Banking.
CEO of Al Huda Centre Muhammad Mughal said Islamic banking share will make up 86%, followed by Sukuk (6%), Islamic fund (4%), Takaful (2%) and Islamic microfinance (1%).
Mughal added that “2014 proved to be tremendous for Islamic banking and finance industry. It not only exceeded the limit of $2 trillion assets but it also got access to the new markets including various new destinations of European region, Korea, Australia, Brazil, Malta, Argentine, China and many more.
“Islamic banking and finance gained the popularity in its traditional markets of e.g. Malaysia, Pakistan and Middle East as well. There are various countries which recently stepped into Islamic banking and finance showed very good progress i.e. Morocco, Tunis, Azerbaijan, Kazakhstan, Libya, Oman and non-Muslim countries including Nigeria, Tanzania and South Africa,” he noted.
According to a study conducted by the center, there are more than 1,500 organizations working for Islamic banking, finance, Takaful, Sukuk, Islamic fund, and Islamic microfinance in more than 90 countries all over the world in which Non-Muslim countries share is 40%.
Photo Credit: Arabianeye-Reuters