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Industry Growth

By 2015, a significant proportion of financial services provided are expected to become Sharia’ compliant in the Gulf Cooperation Council (GCC) region. Among South Asian member countries, this Sharia' compliant proportion is expected to constitute 15–25% of the total financial services provided. In several Western jurisdictions, non-bank Islamic financial services, particularly mortgages, will continue to grow on condition that the relatively more sophisticated clients remain convinced of the credibility of the Islamic alternatives and the regulators pursue the principle of “social inclusion” as
part of the goals of the financial sector.

IFRI 'Jan 2006
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