The global Islamic funds market has grown by more than 300% in the last decade to reach nearly $200 billion in assets under management.
That’s according to the Bahrain-based General Council for Islamic Banks and Financial Institutions.
Islamic finance bans interest payments and pure monetary speculation.
It can be used only to invest in assets or portfolios that are in accordance with Islamic guidelines.
Islamic finance has been on the rise for many years across markets in Africa, the Middle East and Southeast Asia.
Malaysia has the highest number of funds at 401, followed by Indonesia with 209 and Saudi Arabia with 183.