Banks to invest in US, UK and France

To date, the assets of Islamic financial sector amount to $ 1.6 trillion, while 30 years ago the figure was virtually zero, Economic Times reports.

Global financial crisis has contributed to the development of Muslim countries. In 2011, assets in the industrial sector increased by 19%, in 2012 - by 20%. At the same time, growth in funds of non-Islamic banks in most countries was less than 10%.

Until recently, the Islamic banks invested their money in the Middle East. They also invested in real estate in other non-Muslim countries. According to Islamic law, real estate is one of the most popular investments because such agreements can be structured, and they do not provide for payment of interest charges prohibited by Shariah.

However, Islamic banks are growing too fast, and the opportunities to invest are limited. Now these organizations need to enter new markets in search of a variety of investments.

Recently, investors got interested in the American market. The banks are going to invest in Continental Rai and earn revenue in the form of rent for the use of cars. Some non-Muslim countries in Africa will launch into circulation an Islamic version of bonds – sukuk - that does not involve receiving interest from investments. Sukuk provides non-guaranteed revenue from the profits of the organization that is invested into. UK will issue the first European sukuk; France will also cooperate with Islamic banks. For example, Societe Gererale bank will soon receive funding.

First modern Islamic banks were established in the 1970s. All of them follow the Qur'an, which prohibits receiving interest on lending money. Islamic banks invest in real assets and property which can grow in value.