Islamic finance 2006: Local markets make it to the mainstream
Euromoney reports on the innovations driving the market forward, and profiles the winners of latest Islamic finance awards.
The Islamic finance industry has witnessed phenomenal growth in recent years, and as long as institutions keep coming up with sound new products, there’s no end in sight for strong growth rates.
Financial markets have always demonstrated an uncanny ability to take external factors as a cue for innovation and growth. Islamic finance, which has developed at a remarkable pace over the past five years, is no exception. According to Badlisyah Abdul Ghani, CEO of Malaysian bank CIMB Islamic, which wins Euromoney’s 2006 award for best Islamic bank in Asia, this is because Muslims are refocusing on their local markets in the aftermath of the World Trade Center attacks and a resurgence of the Islamic faith.