Islamic banking in the Asia-Pacific region is expanding at a rate only second to the Middle East, according to a report by Celent.
The 'Rise of Islamic Banking in the Asia-Pacific Region' report found Islamic banking assets currently account for approximately US $450bn, representing 60% of global Islamic banking assets. Over one billion Muslims live in the Asia-Pacific region, making it a potential hub for Islamic banking, it said. The top 100 Islamic banks grew by nearly 27% in the fiscal year 2007 reaching $350bn in assets, overtaking the top 100 conventional banks' growth rate of 19.7% during the same period. Pakistan, Bangladesh and Indonesia have 'good potential' for Islamic banking, according to the report....
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes