Islamic finance makes up a small part of the world finance industry, estimated to be worth US$700 billion globally. However, it has grown by around 15% in each of the past three years, partly as a result of the increased wealth in Islamic countries driven by high oil prices. This rapid growth shows no signs of slowing.
Within a large segment of Muslim societies and communities, the compliance of financial services with Shariah rules and principles is a primary concern for the users of these services. As such, efforts to enhance the access of Muslim communities and societies to financial services will hinge upon, among other factors, the compatibility of these services with Muslims’ religious principles.
