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Islamic Finance is Growing Fast but Faces the Form-Versus-Substance Debate

Shariah Compliant
by trusted insight posted 4years ago 8971 views
From CFA Institute Speaking at the Middle East Investment Conference in Dubai, Ibrahim Warde, adjunct professor at Tufts University in the United States and a noted author on Islamic finance, argued that since the 1990s Islamic finance has gained much more international acceptability but that it continues to grapple with the fundamental form-versus-substance debate. With the current size of the Islamic finance market at over $1.3 trillion, Warde believes “it is not an exaggeration to say that in the world of finance, the fastest growing segment is Islamic finance.” The data he shared showed that assets of the Islamic financial sector grew by 21% in 2006, 29% in 2007, 16% in 2008, 18% in 2009, 22% in 2010, 20% in 2011, and an estimated 24% in 2012.