KUWAIT TIMES: LONDON: Islamic finance, so described because of its adherence to sharia law, has a bright future in a world awash with petrodollars and with growing interest from traditional banks, experts say. According to the American credit agency Standard and Poor's, assets in the sector have grown to $500 billion, driven by growth of more than 10 percent per year for a decade. It is also benefiting from gathering interest in the eyes of the public, as trade and investment between East and West improves.
"Mounting demand around the world for sharia-compliant financial products and services is fuelling the Islamic banking industry's buoyant expansion," said Standard & Poor's credit analyst Anouar Hassoune in a report published this week. Sharia-compliant products appeared in their modern form in the mid-1970s with the foundation of the Dubai Islamic Bank, and the Islamic Development Bank, opposed to investments in certain industries and the paying of interest (riba in Arabic). 'Halal' finance attracts scores (Read on)
Mark Alexander
