A report has been released by independent research and advisory firm - Financial Insights - an IDC company, which states that the development of Islamic Banking and Finance (IBF) in Asia/Pacific is growing at a fast pace.
IBF's annual global growth is consistently in the double digits and that Islamic finance assets under management are currently valued at more than US $400 billion. As IBF matures, the industry is seeing a shift from Islamic banking products- shariah-compliant products to completely new, shariah-based products. This would enable IBF to establish its own identity, independent of conventional banking and finance.
Additionally, IBF products are attracting a large non-muslim client base. For example, several large Malaysian banks offering IBF products and services have stated that more than 50% of their IBF customers are non-muslims. This trend will allow large numbers of individuals to access the products and services that non-muslims have been enjoying for decades.
Via CxO Today.