The Islamic financial services industry has witnessed a frenetic pace of growth during the last decade. While estimates about the size of the industry differ, conservative sources put the total assets of Islamic financial institutions at two hundred and thirty billion US dollars. Islamic financial institutions operate in over seventy-five countries and they are expected to grow at over fifteen percent during the next five years. Notwithstanding the encouraging data, the fact remains that the industry is too small compared to the size of its potential market. The strength that lies in the number of one billion Muslims is yet to be exploited. One of the key impediments to the growth of Islamic finance is lack of awareness among Muslims about the Islamic alternative models of banking, insurance and investments.

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By Mohammed Obaidullah