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Banking

Islamic banking needs to break out

The Shariah-complaint finance sector has been growing strongly, but only in a few jurisdictions and with limited product diversity. As oil-derived liquidity flows dry up in its core markets in the Gulf, what can it do to fix its lack of international reach?

by Dominic Dudley

riyal saudi-R-600
A Saudi man poses with Saudi riyal banknotes at a money exchange shop, in Riyadh, Saudi Arabia January 20, 2016. REUTERS/Faisal Al Nasser - RTX237QW
© Faisal Nasser / Reuters/REUTERS

Sometime later this year Qatar International Islamic Bank is hoping to gain a licence in Morocco for a new bank that it is setting up in a joint venture with the local CIH Bank. It is just one small part in a wider story of Islamic banks gaining footholds and expanding.

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