KUALA LUMPUR: The global Islamic financial industry is expected to grow to US$2 trillion next year from US$1.3 trillion currently, propped up by growing demand from non-conservative countries, Malaysia's Deputy Finance Minister Ahmad Maslan said.
He said the world's acceptance of Islamic Finance was growing as evident from the issuance of sukuk or Islamic bond in non-conservative countries such as the United Kingdom UK, according to Malaysia's (Bernama) News Agency.
Ahmad said the Islamic Financial industry would continue to grow as more countries are increasingly accepting the financial system as a competent alternative to the conventional system.
"The Islamic financial industry will surely expand when the financial authorities out there understand the stability of the Islamic financial system.
"The system is not shaken by the economic downturn anywhere in the world," he said.
Furthermore, the Islamic financial system was also fairer such as in terms of profit distribution, Ahmad said.
In Malaysia, the growth of Islamic Finance would benefit both Muslims and and non-Muslim consumers, he said.
Currently, Malaysia is the world's largest sukuk issuer, second largest Islamic Insurance, Takaful, market and the third largest Islamic banking market. (QNA)