Islamic banking to be extended in near future

The assets of financial institutions on Islamic principles is expected to rise 30%, 50% till 2012, 75% till 2015, 80% till 2020 compared with 2008, Mabid Ali Al-Jarhi, President, International Association for Islamic Economics told in the 6th Caspian International Banking and Financial Conference on April 13-14.
Total Assets of Islamic banks are $1.3 bln.
There are 12 principles of Islamic banking: 2 Musharaka 2 Mudaraba, 1 Murabakha, 1 Def pay sale, 2 Vakala, 2 Ijara, 1 Istisna and 1 Salam.

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