Islamic finance has become a credible alternative to conventional, usury-based financing
industry, registering a growth in excess of 20% in the past decades (Global Islamic Finance,
2012). The religiously rooted industry has more than three hundred industry players called
“Islamic Financial Institutions (IFIs)” operating in almost eighty countries globally with total
assets stood at US$1.3 trillion in 2011 (Grewal, 2012; PwC, 2011) and reached US$1.6
trillion in 2012 (Global Islamic Finance, 2012). The Islamic finance assets in the Asian
region alone constitute 22% of that amount (Grewal, 2012). Official statistics produced by
KFH Research, an independent professional research house indicate that Islamic banking
activities primarily drive the industry’s expansion globally with an estimated asset size of
USD1.1 trillion as at 2011, which value attributed to almost 81% of the whole shari’ah based
finance assets worldwide. This is followed by sukuk (Islamic bond) with 14% Islamic finance
assets portion, equivalent to approximately USD178.2 billion outstanding sukuk value as at
2011. The global Islamic finance assets are further expanded by the Islamic fund
management activities (4.5%) which assets under management closed to USD60 billion from
876 funds as at 2011. The remaining portion of the world Islamic finance assets (0.5%) as at
2011 came from Takaful (Islamic insurance).
Islamic finance has become a credible alternative to conventional, usury-based financingindustry, registering a growth in excess of 20% in the past decades (Global Islamic Finance,2012). The religiously rooted industry has more than three hundred industry players called“Islamic Financial Institutions (IFIs)” operating in almost eighty countries globally with totalassets stood at US$1.3 trillion in 2011 (Grewal, 2012; PwC, 2011) and reached US$1.6trillion in 2012 (Global Islamic Finance, 2012). The Islamic finance assets in the Asianregion alone constitute 22% of that amount (Grewal, 2012). Official statistics produced byKFH Research, an independent professional research house indicate that Islamic bankingactivities primarily drive the industry’s expansion globally with an estimated asset size ofUSD1.1 trillion as at 2011, which value attributed to almost 81% of the whole shari’ah basedfinance assets worldwide. This is followed by sukuk (Islamic bond) with 14% Islamic financeassets portion, equivalent to approximately USD178.2 billion outstanding sukuk value as at2011. The global Islamic finance assets are further expanded by the Islamic fundmanagement activities (4.5%) which assets under management closed to USD60 billion from876 funds as at 2011. The remaining portion of the world Islamic finance assets (0.5%) as at2011 came from Takaful (Islamic insurance).
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