"For Southeast Asian financial centers such as Malaysia's Kuala Lumpur and Singapore, the evolution of Islamic finance from a novelty to a mass market phenomenon in the Muslim world is a huge opportunity, too. Islamic financial services now comprise a roughly $1 trillion market worldwide, according to credit rating agency Standard & Poor's. [...] Islamic banking assets already account for 12.2% of total banking assets in Malaysia. The government has said it aims to have 20% of all banking assets in Malaysia under Islamic banks by 2010."
Tuesday, May 22, 2007
Asian Islamic Financial Centers
BusinessWeek has an article about the growing ties between the Middle East and Asia with a section on Islamic finance and banking in Singapore and Malaysia.