Global Islamic banking grows at fast speed

The global Islamic banking industry grows at a fast speed, with its assets expected to cross the 2 trillion U.S. dollars threshold by the end of 2014, the Islamic Development Bank Group (IDB) chief said here on Wednesday. Speaking at International Forum for Financial Systems, IDB President Ahmad Mohamed Ali said that the global Islamic banking industry assets amounted to 1.3 trillion dollars in 2011, growing at a rate of approximately 20 percent. Ali noted that this industry has increased in sophistication since its inception four decades ago, and is now capable of catering to most of the banking and finance needs of modern economies. The IDB chief told Xinhua in an interview that Islamic banking industry will be able to pass through the crisis since it gives no room for any kind of speculation. He admitted the fact that the Islamic banking and finance industry has been affected by the crisis, as it directly deals with real economy. "In Islamic banking there is no speculation, and because of that it will be in a better position to go through the crisis," he said, adding that he is very optimistic to overcome the impact of the crisis in the short term. During the two-day meeting, renowned intellectuals, academicians and businessmen discuss ways of building a more just, inclusive and stable financial system.