Islamic Finance is booming around the globe. Currently, there are around 500 Islamic banks operating in 75 countries around the world. Islamic finance is growing at 10-15% per year with GCC Islamic banks constituting 70% of the global total. In fact, non-Muslim countries are also tapping into the growing Islamic finance market by issuing Sukuk or Islamic bonds in droves. This growing field of ours was supposed to help lift up the masses from the pangs of poverty and give them access to basic financial services.
However, so far, the growing clout of Islamic financial assets around the world has failed to mitigate income inequality so widespread in Muslim countries.
Original article: https://www.halaltimes.com/islamic-fi…
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