JOIN USA report prepared by global consultancy firm Ernst & Young has said that Islamic banking is all set to cross the $1trillion mark this year, up from $826 billion in 2010, adding that the time is just right to establish Islamic sovereign wealth funds to “champion the growing internalisation” of the industry.
The “World Islamic Banking Competitive Report 2011-12” was prepared by Ashar M Nazim, Islamic Financial Services Leader and Imtiaz Ibrahim, Senior Director, Islamic Financial Services at Ernst &Young and released at the World Islamic Banking Conference held in Bahrain from December 9 to 11, 2012.
The report said that growth within the Muslim population of Middle East and North African countries and Asia are key drivers behind increasing demand for Islamic financial services.