Islamic Finance 2010
Date : 25/01/2010
Category : London's Product Expertise
A new IFSL report on Islamic Finance 2010 estimated that the global market for Islamic financial services, as measured by sharia compliant assets, rose by a quarter to $751bn at end-2008. The Islamic finance sector is feeling the influence of the downturn in the global economy with asset growth likely to have paused for breath in 2009. Commercial banks account for the bulk of the assets with investment banks, sukuk issues, funds and takaful making up the balance.
London has established itself as the key western centre for Islamic finance. The cluster of expertise in London is represented by banks, fund managers, international law firms, a secondary market in Sukuk and a growing market for retail mortgage business.
IFSL is taking a leading role in the promotion of Islamic financial services available from the UK through its Islamic Finance Working Group, involving the private sector and government. For further information on the work of IFSL’s Islamic Finance for Business Working Group click here.