The city of Shanghai in China - one of the fastest growing cities in the world. Image courtesy of Shutterstock.
Islamic Finance Potential In China
May 01, 2015 | Updated at February 19, 2018
Islamic finance has been growing rapidly in developing and developed countries in recent years. Today, the operation of Islamic banks and associated financial institutions has created a trillion-dollar industry. Islamic finance operates under the principles of risk sharing and interest-free transaction. In contrast to conventional finance, business transactions under Islamic finance require underlying genuine trade and assets.
Due to the mentioned features of Islamic finance, Islamic financial products are also popular outside the Muslim world. Britain became the first non-Muslim country to issue sukuk in 2014. The Hong Kong Monetary Authority had also made an sukuk issuance in 2014 with an issuance size of US$1 billion and a tenor of 5 years, ma...