Islamic banking and finance to continue growth: Moody’s

Published: 2/25/2008
PARIS – Islamic banking and finance, which respects sharia laws banning usury, is growing fast and will continue to do so, international credit ratings agency Moody’s Investors Service said on Tuesday.It said the Islamic finance market had grown 15 percent in each of the past three years, with global volumes at 97.3 billion dollars (65.74 billion dollars) by the end of 2007.

The market has shown no sign of slowing down, reflecting in part the huge revenues the Middle East states are generating from their oil and gas exports, it added.

Islamic banking fuses principles of sharia or Islamic law and modern banking but Islamic funds are banned from investing in companies associated with tobacco, alcohol or gambling considered taboo by Muslims.

www.turkishpress.com

 

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