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Article

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The last five years have witnessed a huge expansion in the Islamic Finance Service Industry (IFSI). The current assets are estimated at over $ 500 billion in Islamic banking segment alone. More than 250 Shariah-compliant mutual funds are currently managing about US 11 billion dollars in assets. Corporate and sovereign sukuk bonds amounting to about $ 18 billion have been issued so far. The annual market capitalization of the stocks meeting the Dow Jones Islamic Market Index Criteria in Islamic countries is estimated at US $ 300 billion. The total assets of all the banking and non-banking financial services being offered in Islamic mode throughout the world are estimated to be in the range of $ 800 billion to $1 trillion. This growth has been spectacular considering that in the 1990s the IFSI was in a nascent stage of its formation. The annual average growth of the Islamic Financial Industry exceeds 15 percent and is projected between 10 to 15 percent for the next decade.

Publication Source

Dawn

Publication Date

9-2007

Pages

1-7

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