Comment: Islamic banking - progress and hurdles

Recent IMF research puts the number of Islamic financial institutions worldwide above 300, having risen from only one in 1975. The total assets of these institutions, growing at 15% a year, have reached an estimated $250 billion.


The further development of Islamic finance, which has a significant bearing on the effectiveness of monetary policy in these countries, does however face a number of challenges. Islamic financial products comply with Sharia laws that forbid the

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