A number of factors are at play causing turmoil in economies around the world: unpredictable weather patterns, the Russia-Ukraine conflict, post-Covid economic recovery, tensions between China and the rest of the world, and more. Despite all of this, Sharia finance provider Hejaz Financial Services reveals that the Islamic finance sector continues to experience strong, steady growth and explains the reasons why.
Over the past decade, the Islamic financial sector has grown an average of 11.7 percent per annum, according to the Cambridge Institute of Islamic Finance. Last year, the industry surpassed $2 trillion worth of global assets, with the Cambridge Institute attributing this growth largely to the South Asian and Middle Eastern financial markets. In fact, recent research reveals that around 61 percent of high net-worth investors in the Middle East said that their interest in Islamic assets was piqued over the past year. Further, 39 percent said they are interested in investing further in Islamic finance bonds, called sukuk.
Muzzammil Dhedhy, COO of Hejaz Financial Services, explains that this industry growth coincides with a significant increase in consumer interest in sustainable and ethical financial services. This is exactly what Islamic financial services offer, says Dhedhy. Sharia law dictates that financial behaviours must be based on a strict set of virtuous principles; money can only be invested in approved industries such as infrastructure and healthcare, while industries such as gambling and media are expressly forbidden.
As other traditional banks fail to provide consumers with adequate ethical and sustainable alternatives, Muslim consumers are turning to Sharia-approved financial services companies that align with their beliefs and values. Institutions such as Hejaz Financial Services offer Australian Muslims access to a suite of Islamic financial products including Halal loans, which are available to any consumer who also wants to invest their money positively, ethically and sustainably.
Press Release Service by Newswire.com
Original Source: Islamic Financial Sector Remains Buoyant Despite Shifting Global Economies