The global Islamic finance industry is currently estimated to range from US$1.66 trillion to US$2.1 trillion, with some expecting it to grow to US$3.4 trillion by the end of 2018 (though Saudi Aramco’s recent announcement may add a US$10 trillion boost to these figures). With growth in Islamic banking outpacing conventional banking in the past ten years, it comes as no surprise that many countries and conventional financial institutions are seeking to be part of the industry.
And yet, misperceptions continue to plague conversations about Islamic finance, despite:
- The issuance of sovereign sukuk (Islamic bonds) in places such as Hong Kong, Luxembourg, South Africa and London;
- Islamic banks operating in non-Muslim countries like Denmark, France, Luxembourg, Switzerland, South Africa, and the United Kingdom;
- Household names such as Citibank and HSBC offering Islamic banking services.
Common misperceptions include links with terrorism financing and the idea that Islamic finance is purely for Muslims. Causes can usually be traced to a lack of understanding – whether it be a lack of experts, lack of central repositories of information, or lack of universally-aligned, clear and coherent explanations.
Read more at http://www.edelman.com/post/islamic-finance-sharing-is-caring/
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