Shariah and the markets
SUPPLEMENT - MIDDLE EAST - September 01, 2008
The demand for Islamic financial products in the Middle East, led by the Arabian Gulf countries, is increasing. There is also a tremendous concentration of high-net-worth individuals and family businesses whose collective wealth in the Arabian Gulf countries (comprising of the GCC alone) is estimated by Moody's to be over $1.3 trillion (Moody's Investors Service special report entitled 2007 Review & 2008 Outlook: Islamic Finance).
The development of the Islamic finance market in the Middle East is therefore not only an integral part of the development of the international finance market but also an area of interest to international banks, especially after the subprime crisis in the US. According to Moody's, the Islamic finance market has grown by approximately 15% in each of the past three years, partly as a result of the increased wealth of Islamic countries, which was driven by high oil prices. Islamic assets under global...
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