ARABIAN BUSINESS.COM: A.T. Kearney report reveals Islamic finance doubled in the past year.
A new report from A.T Kearney, a global strategic management consulting firm, revealed that Islamic banks are making their mark on the financial markets of non-Islamic countries. While shaira-compliant [sic] banking has traditionally focused on the GCC and Malaysia, there has recently been a dramatic increase in the number of Islamic banks outside the core markets: most remarkably in the UK, where the number of Islamic banks has more than doubled over the past 12 months.
At the same time, they're products remain popular in their core markets, where Islamic banks consistently outgrow their conventional competitors. Assets in the Islamic banking sector grew to over $250 billion globally in 2006, according to the U.K Treasury. In the GCC, this segment expanded to 15 per cent of the total system and is expected to reach 50 per cent within the next few years.
The success at home enables these banks to export their business abroad, as Islamic banks from the GCC are the major shareholders behind all of the newly set-up Islamic banks in the UK. However, the strategic approach they take on differs between there and their home countries. Islamic Banking Heads West >>> | May 5, 2008
A T Kearney >>>
The Dawning of a New Dark Age (Paperback - UK)
The Dawning of a New Dark Age (Hardback - UK)
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