New markets for Islamic finance emerging, study finds

New markets for Islamic finance are emerging, with African countries launching debut sovereign sukuk and East Asian countries enabling their domestic markets to tap into Islamic financing, a glimpse of the 2015-2016 edition of the ‘State of the Global Islamic Economy’ said ahead of the Global Islamic Economy Summit that will run in Dubai on Oct. 5-6, 2015. The Islamic Development Bank (IDB) and the Bill & Melinda Gates Foundation have formally launched a $500 million grant facility to address poverty and diseases in IDB member countries. Meanwhile, European banks in Russia and Germany, for example, are also investing in Islamic finance through debut sovereign sukuk and Islamic banking windows.