While the recent success achieved by Faisal Private Bank being granted a license to operate in Switzerland has been around for a few days, this story has one interesting piece of information that other sources have not been able to provide.
"Financial agency Moody's Investors Service estimates that Islamic financial institutions manage around $750 billion globally".
The consensus estimates from other organizations has been in the $200-500 billion range globally. Such a high estimate from as reputable an organization as Moody's enhances my belief that Islamic finance is larger than generally understood.
"HSBC Malaysia taking steps to beef up its Islamic ops", The Star (Malaysia), October 9, 2006
HSBC Bank Malaysia Bhd has committed to expanding its Islamic banking operations, which currently account for 15 percent of the bank's balance sheet in order to capture the growth of Islamic finance in the country as it works to become an industry hub. The bank also plans to open a joint venture takaful (Shari'ah-compliant insurance) company in the next month.
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