The Islamic Banking and Finance industry is a rapidly growing as innovative financial system, gaining market share in both Muslims and non-Muslims countries. Currently, over 600 Islamic financial institutions operate in more than 75 countries. The Islamic Banking and Finance industry is viewed as viable and growth oriented financial model by both Islamic and Western financial experts; particularly after the recent global financial crisis. Following are some facts about this growing industry:
- Fast growing Muslim population creates tremendous business opportunities for Muslims and non-Muslims alike (nearly 2 billion Muslims account for 25% of the World's population).
- The asset size of the Islamic financial industry has reached US $2.14 trillion by the end of 2015,over a short span of 4 decades. It is expected that the Islamic Banking and Finance industry will exceed US $5.3 trillion by the end of 2020.
- Islamic Banking and Finance is viewed as an alternative financial system, particularly in the aftermath of the recent global financial crisis; also by leading Western financial experts in contemporary banking.
- Ethical aspects of Islamic Finance present synergies with other faith-based religions and is therefore viewed as a viable value proposition.
- Islamic finance provides a veritable point of convergence between Islamic world and the West.
- There is significant scope of expansion in values-based finance, because values-based investing spans Islamic and Western financial systems.