In the last twelve months, Islamic banking has experienced a 35 per cent growth with the total worth of assets belonging to Islamic financial institutions now amounting to £300 billion. Islamic banking initially began as an experiment of wealthy individuals such as Saleh Kamil and Prince Muhammed Al-Faisal, and it was Saleh Kamil who announced the latest growth.
The last two years have seen the number of Islamic banks and financial institutions grow from 276 in 2005 to more than 470 in 2007. However, Kamil emphasized the importance of investing in more education and training for Islamic banks’ employees, as 85 per cent of the 300,000 people currently employed by Islamic banks lack any knowledge of Shariah having studied conventional banking systems.
It is hoped that the development of Islamic banking can help to reduce poverty in less developed countries, with the Islamic Development Bank one of the banks focusing on micro finance services which can help to fight poverty in countries such as Bangladesh, Indonesia, Senegal and Sudan. To date, the IDB has given an estimated £25 billion to industrial, economic, health, agricultural and infrastructure projects in the Islamic world.
Islamic Banking Grows by 35 per cent
Islamic Banking Grows by 35 per cent
Thu, 05 Jun 2008
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