The contemporary Islamic finance industry is now in its fourth decade and, during that period, has developed extremely rapidly. In the past few years, overall market growth has been estimated at between 15-20 percent annually1, although individual Islamic banks have reported even faster growth. In 2006, for example, Arcapita Bank in Bahrain reported year-on-year balance sheet growth nearer to 40 percent. Today, the sector has estimated assets under management of US$500bn.

 

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