Jun 24 2009
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Islamic Banking Gains Momentum
Recently there is a lot of talk about Islamic Banking as it seems to have proofed more resilient than conventional banking.
However the total number of Islamic banks is still small and according to online-researches conducted by Shariah-Fortune estimated at around 350-400 institutions worldwide. Compared to around 9,500 banks located in the USA the Islamic Banking sector still seems pretty small.
Basically Islamic Banking is not only restricted to about 1.5 bn Muslims; indeed even non-Muslims can profit from the advantages of Shariah-compliant banking. Most of the banks offer their services to non-Muslims as well.
Islamic banks are located in 50 countries worldwide and can be found in countries like Algeria, Azerbaijan,...Yemen. Major Islamic Banking hubs are Malaysia, Bahrain, UK and UAE.
A recent example is the mainly Muslim nation of Kazakhstan in which 3-4 Islamic banks are planning to set up operations soon. Special attention should be paid to China. The China Banking Regulatory Commission had given approval to a pilot project of Bank of Ningxia to undertake Islamic financial services in the People's Republic of China. Even African countries like Nigeria or Senegal trying now to expand their Islamic Finance systems. In March 2009, a framework for non-interest banking was released by the Central Bank of Nigeria. More examples could be named.
Shariah-Fortune is a service provider in the Islamic Finance Intelligence. It provides informational content with regards to Islamic banking & financing, insurance/takaful, real estate, investment, asset and wealth management and other services related to Islamic finance. Shariah-Fortune provides the world´s biggest company online directory for Islamic Finance with more than 800 institutions in 50 countries worldwide. It covers nearly every geographic region and segment in the Shariah compliant products industry, sourced from the internet through a substantial secondary research effort coupled with a high quality data cleansing process.
Periodically Shariah-Fortune issues a free market report about the size, market players and development of the Islamic Finance sector.
Shariah-Fortune is headquartered in Dubai. For more information on Shariah-Fortune please email firstname.lastname@example.org.
© Press Release 2009
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