Investments in Islamic finance are increasing at a rapid rate globally. According to Ernst and Young global Islamic banking assets held by commercial banks are set to reach almost two trillion this year, up from the US$1.3 trillion of assets held in 2011. The sector has seen a 150% increase in the past five years.
There are over 300 Shariah compliant financial institutions worldwide. UK Islamic Finance Secretariat (UKIFS) said Islamic markets have developed in Malaysia, Iran and the Gulf and have potential in developing in Australia, Nigeria and Russia.
A Shariah …