Wednesday, September 13, 2006

Islamic finance will continue to grow rapidly

The Middle East North Africa Financial News Network (MENAFN) reports today that Mohammed Paracha, Executive Vice President of the Bahrain-based Al Salam Bank and advisor to the Bank of England on Islamic Finance predicts continued growth in the market as conventional banks add Shari'ah-compliant products. Speaking to the Bahrain Tribune, Mr. Paracha said:
"Without any doubt the industry is going to get larger. It is already the largest growth sector within banking globally - growing by 10 to 15 per cent a year. Now that people are understanding more about the risks involved, how these deals are done and the key issues, they are realising the markets here and the region want to do it this way and there's no reason it can't be. [...] the big banks are looking to do more and more."
Mr. Paracha was one of the speakers in a three-day conference in Manama, Bahrain sponsored by the Bahrain Institute of Banking and Finance

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