Time right for growth of Islamic finance
Many sovereign wealth funds (SWFs) have exposure to Sharia-compliant.
The government pension fund of Norway reported in last year's third quarter that nine out of the top 10 investments were Sharia-compliant. The only exception is HSBC Bank.
In Islamic finance there are no large banks (billion-dollar paid-up capital), and funds are small, with an average size of about US$40 million (Dh146.9m).
There is no free-trade agreement among the 57 member countries of the Organisation of the Islamic Conference (OIC), and intra-OIC trade was about 17 per cent of the group's overall trade as of 2009. However, there are 1.6 billion Muslims, a number thrown around carelessly, to entice and show the potential growth in trade.