Shariah Compliant Loans Prove to be a Lucrative Endeavour
Some of the biggest banks such as Citigroup, HSBC and Deutche bank are cashing in on the no-interest loan boom which has turned into a multibillion dollar industry.
In a report last month, credit-rating agency Moody’s Investors Service said that the global Islamic finance market has grown about 15% in each of the past three years and is now worth about $700 billion worldwide. The heavyweights of global finance have taken notice: Citigroup, HSBC, Deutsche Bank and others have affiliates devoted to Islamic finance.
