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....
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