A Growth model for Islamic banking

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<title>A Growth model for Islamic banking</title>
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<namePart>Benaissa, Nasr-Eddine</namePart>
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<namePart>Parekh, Mayank P.</namePart>
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<namePart>Wiegand, Michael</namePart>
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<abstract>Islamic banks are governed by Sharia, which, among other aspects, prohibits the use of interest or speculation. There are about 270 Islamic banks around the world (including subsidiaries of convenional banks), and together they hold assets estimated at more than 265 billion dollars. Their holdings are growing by 15 percent a year, and although this amount represents just a small portion of the assets held by banks of any stripe, the potential for growth and for access to the Middle East and other desirable markets has attracted such banking giants as HSBC and UBS to Islamic finance. In addition, countries from Bahrain to Malaysia are racing to create Islamic banking hubs to serve the 1.2 billion Muslims around the world</abstract>
<note type="statement of responsibility">Nasr-Eddine Benaissa, Mayank P. Parekh and Michael Wiegand</note>
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<topic>Banca</topic>
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<title>The McKinsey Quarterly : web exclusive</title>
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<publisher>New York : Mckinsey & Company</publisher>
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<text>October 2005 ;  [7] p</text>
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