Islamic financing rises 27% to USD1.1trn in 1 year

According to Adil Dahlawi, CEO and Managing Director of Itqan Capital, the Islamic banking sector will witness an increasing demand as Islamic financing jumped 27 percent in one year to $1.1 trillion from $800 billion. He noted that one of the most prominent topics discussed at Al Baraka's 34th symposium for Islamic Economic was zakat on debt, especially with the widespread presence of financial institutions specialized in financing from private companies and Banks. Besides, the increase in demand for private and public financing, whose notable effects are apparent on the financial statements of various companies and institutions were important issues. Standard & Poor's earlier forecast that sukuk sales are to double and reach $3 trillion by 2015 in light of companies which are working to capitalize on this growing and promising market.