Islamic finance industry enters 2013 with new strength
2012 is considered to be a turning point for banking in compliance with Islamic principles. New markets and new regulations in the Middle East contributed very much to the flourishing of the sector. According to data from Ernst and Young, globally assets managed in line with Shari'ah will reach in 2013 record heights, amounting to 1. 8 trillion U.S. dollars, up from 1.2 trillion U.S. dollars in 2012. The ongoing turmoil in the Middle East and the Euro zone debt crisis were not able to stop Islamic banks in the Middle East from expanding their markets and business.