DEBUNKING SOME COMMON MYTHS OF ISLAMIC FINANCE

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DEBUNKING SOME COMMON MYTHS OF ISLAMIC FINANCE

  • Rahul Lalwani
  • Published: 03 September 2020

 

Islamic finance is one of the fastest-growing sectors in the world, which should in theory target a vast portion of the global population. However, the sector has largely been untapped, by believers (and non believers) of the faith. Despite this, Islamic finance is expected to reach $3.4 trillion in assets globally by 2022, up from $2.5 trillion in 2018. UK’s profile as a leading western center for Islamic finance has continued to grow in recent years, withthe Islamic Finance Country Index ranking it 17th out of 48 countries, placing it first in Europe & first among non-Muslim-majority nations, ahead of US. So where is the sector going wrong? In this blog, I share some common myths about Islamic finance that must be debunked.