NICOSIA, CYPRUS, December 02, 2008
/24-7PressRelease/ -- Islamic Finance is steadily moving into the mainstream of conventional financial systems and has remained largely insulated from the global credit crisis. Even in the midst of a global economic crisis, Islamic banks have weathered the storm to great effect, thanks to the specific framework and rules administered by Islamic law, or Sharia.
The Islamic financing system is expected to grow faster than previous projections which were in the 15 to 20 percent per annum range. Not only Muslims are looking at the new Islamic finance paradigm as an alternative to western models, which are in turmoil now. Islamic Finance is expanding not only in the Muslim world, but also in other countries where Muslims are a minority, notably Britain, France, the US and even Japan.
There are now over 300 Islamic financial institutions (IFIs) spread over 75 countries and 300 Sharia-complaint mutual funds, whereas just one Egypt-based Islamic bank existed in 1975.
About $800bln of assets are currently deposited in Islamic banks, mutual funds, insurance schemes and Islamic branches (windows) of conventional banks. By contrast, the market was valued at only $140bn in 2000.
McKinsey & Co estimates Islamic financial assets could reach $1 trillion by 2010. Moody's Investors Service predicts that this relatively young industry could boast worldwide assets of $4 trillion within the next five years.
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The Opalesque Islamic Finance Briefing news are sorted into 18 detailed categories like:
Islamic Accounting and Audit
Islamic Banking and Finance
Islamic Bonds (Sukuk)
Islamic Capital Market (Equity, Mutual Funds)
Compliance, Tax, Legal, Regulatory
Emerging Trends
Islamic Financial Instruments (Credit Cards, Debts, Loans, Mortgage, Funds)
Islamic Insurance (Takaful)
Islamic Investment
Islamic Hedge Funds
Islamic Law / Economics
Market Moves
Performance
Private Equity
Property, Projects, Infrastructure
Research
A large archive with hundreds of articles, fully searchable, is already available under http://www.opalesque.com/IslamicFinance_Briefing/?page_id=3
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