GlobalGlobalvisvisaavisvisAsian Islamic Banking ScenarioAsian Islamic Banking Scenario
Due to financial crisis World output contracted by 0.80% in 2009as againstgrowth of 3.00% in 2008. World trade volume also contracted by 12.30% in2009 as against growth of 2.80% in 2008. Despite negative growthof worldoutput and world trade volume there has been continuous growth of IslamicBanking world wide.According to an S&P report, assets of the top 500 Islamic Banks expandedby 28.60% to total $822 billion in 2009, compared to $639 billion in 2008.Malaysia is recognized as Asia’s Islamic Financial hub by Price WaterHouse Coopers. At the end of 2009 Malaysia’s Islamic Banking assetsequivalent to $35.20 billion having largest “sukuk”i.ethe Islamic equivalentto bond to $25 billion.
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