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Islamic banking and finance to continue growth

Published on 26/02/2008

   PARIS, February 26, 2008 - Islamic banking and finance, which respectssharia laws banning usury, is growing fast and will continue to do so,international credit ratings agency Moody's Investors Service said on Tuesday.   It said the Islamic finance market had grown 15 percent in each of the pastthree years, with global volumes at 97.3 billion dollars (65.74 billiondollars) by the end of 2007.   The market has shown no sign of slowing down, reflecting in part the hugerevenues the Middle East states are generating from their oil and gas exports,it added.   Islamic banking fuses principles of sharia or Islamic law and modernbanking but Islamic funds are banned from investing in companies associatedwith tobacco, alcohol or gambling considered taboo by Muslims.