Islamic banking is fast growing in Asia and shows potentials to outmatch services offered by the conventional banking systems across the world, a financial market study suggests. The research examines the rise of the Islamic banking and finance (IBF) market in Asian countries. The report said that Malaysia effectively established itself as the regional, if not global, hub for Islamic finance. Indonesia, Pakistan, Thailand and Singapore on the other hand are among the countries actively promoting Islamic finance. Islamic banks do not invest in companies associated with tobacco, alcohol or gambling, all prohibited under Islam. “From a consumer perspective, Islamic banking can offer an attractive alternative with fewer charges and a higher degree of transparency,” insists analyst Abhishek Kumar, who conducted the study. The study also noted that Islamic funds are attracting a large number of non-Muslim clients.
ISLAMIC BANKING THRIVES IN ASIA
Islamic banking is fast growing in Asia and shows potentials to outmatch services offered by the conventional banking systems across the world, a financial market study suggests. The research examines the rise of the Islamic banking and finance (IBF) market in Asian countries.
