MasterCard spokesman James Issokson said, according to NBCNEWS.com: ‘We continue to see a growing demand, especially in the Middle East, for Islamic banking in general, and more specifically in our case, for cards that are Shariah-compliant in accordance with the tenets of the Islamic faith.’
The Islamic banking industry is huge with more than 500 Shariah-compliant funds internationally holding $1.5 trillion in assets, up two-thirds since the industry launched seven years ago according to the Gulf Daily News.
Central Bank of Bahrain executive director of financial institutions supervision Abdul Rahman Al Baker said at the World Islamic Funds and Financial Markets Conference: ‘In spite of the recent credit crunch and widespread global economic slowdown, the prospects for growth in Islamic securities markets are likely to be positive.’
