Malaysia expects global Islamic financial industry to grow next year
The global Islamic financial industry is expected to grow to US$2 trillion next year from US$1.3 trillion currently, propped up by growing demand from non-conservative countries, Malaysia's Deputy Finance Minister Ahmad Maslan said. The Islamic financial industry will expand because of the stability of the Islamic financial system. The system is not shaken by the economic downturn anywhere in the world, he added. Furthermore, the Islamic financial system was also fairer such as in terms of profit distribution, Ahmad said. In Malaysia, the growth of Islamic Finance would benefit both Muslims and and non-Muslim consumers, he said.
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