Islamic Financial Services

Global Islamic banking assets were pegged at about $1.3trn in 2011 but are expected to rise to as much as $1.8trn by the end of 2013. As such, Islamic banks are seeking to diversify the sharia-compliant financial instruments they offer. Leaders throughout the region are starting to look toward sukuk, or Islamic bonds, for infrastructure finance as an aid to development, and while it is currently a less developed segment of Islamic financial services, takaful, or sharia-compliant insurance, is following the general growth pattern being experienced by Islamic banks across the globe. This chapter contains interviews with Mohammed A Rahman Bucheerei, CEO, Ithmaar Bank; and Aabed Al Zeera, CEO, International Investment Bank.