While conventional banking continues to make headlines mainly for scandals, huge pay offs and bonuses, Islamic finance is growing by amazing 20 percent annually. It manages to attract non-Muslims worldwide as well as many countries have adopted and accepted this financial model. This phenomenon is also known to the people in the industry as “faith in finances”.
With this enormous potential, it is clear that there is a huge economic benefit to be sought from it. Out of all the Muslim countries that tried to chase this market, Malaysia seems to lead the way in Islamic finance by leaps and bounds. More than one-fifth of its entire banking structure is in fact Shariah-compliant that in itself is quiet an important statement. Just to note and compare that the average for other Muslim countries is barely 12 percent and many times much less.
Malaysia is, single handedly, responsible for the insurance of more than three-quarters of the global insurance with a value exceeding $80.5 billionHussein Shobokshi