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03-01-14

Islamic finance to grow to more than USD2 trillion

(MENAFN) Islamic finance is expected to significantly grow in 2014 and its volume will reach more than USD2 trillion, according to Saudi Gazette. Islamic banking dominating will grow by 78 percent, sukuk at 16 percent, takaful at 1 percent, Islamic funds at 4 percent and Islamic microfinance with 1 percent. Dubai and London are expected to be strong competitors in 2014 to become the global hub of Islamic banking and finance.