In little more than a decade, Islamic banking has grown into a $200 billion a year industry. With top global banks entering the market, it is deepening its professionalism and broadening out with sophisticated and ingenious new products, including private equity, mortgages and even some securitization. Regulators are striving to impose stricter regimes. But individual Sharia courts can still be at odds over what is deemed compliant with Islamic law.
December 01, 2001