Dallas, Texas (PRWEB) October 26, 2013
Estimates place the global Muslim population at 1.6 billion which offers an excellent potential client base. Islamic finance products and services are largely under-developed. The likes of Malaysia and Saudi Arabia have relatively advanced offerings, but the market in Europe and North America is yet to take off, meaning there is great scope for growth.
Features and benefits
Highlights of the Islamic Finance: The state of the market (http://www.marketreportsonline.com/286380.html ) report: Islamic banking is banking that is consistent with Sharia principles and its practical application through the development of Islamic economics and banking services. There are many solutions that have been devised to fulfill this need, but three of the most widely used are Murabaha, Ijara and Sukuk Al Ijara. Islamic religious texts and fiqh (Islamic jurisprudence) deal extensively with banking and business principles and laws and many Muslims wish to adhere to them. The presence of such a large, growing Muslim population and the unsuitability of traditional banking means that there is demand for Islamic banking products and services that must be met.
In certain countries, specialist Islamic banks exist and help meet the needs of Muslims wishing to adhere to Sharia laws and principles and in others, large, multinational banks have seized the opportunity to enter a new, fast-growing market. The market remains to a large extent however, under-developed.
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Table of Contents:
WHAT IS ISLAMIC FINANCE?
At the heart of Islamic finance is fairness
The paying of interest is strictly prohibited
Banks must set up a supervisory committee
Key financial products that are widely accepted
WHY IS THERE A NEED FOR ISLAMIC FINANCE PRODUCTS AND SERVICES?
Size of the Muslim population greatly influences demand
Different regions display different levels of adherence
Age also affects religious commitment
HOW WELL SERVICED IS DEMAND FOR SHARIA BANKING?
Islamic finance in the United States
Islamic finance in Europe
Islamic Finance in North Africa and the Middle East
WHAT DOES THE FUTURE HOLD FOR ISLAMIC BANKING?
The market is forecast to grow significantly
The future looks bright for Sharia-compliant finance
Ask the analyst
Table: Respondents who said religion was very important in their lives (%)
Figure: Sharia certificate for Islamic Bank of Britain current accounts
Figure: Global Muslim population heat map
Figure: QES Islamic Finance Sukuk coupon
Figure: Gross Islamic mortgage lending in the UK 2008-2017 (£m)
Figure: Share of global Islamic banking assets 2012 (%)
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