(MENAFN- Qatar News Agency) Saudi Arabia, the United Arab Emirates and Qatar will all increase their global importance as centers of Islamic finance in the coming years, as the three markets experience rising international demand for financing.
Already the top three Islamic banking markets in the Gulf region, rising international demand for infrastructure and investment project financing is likely to stimulate growth in the three markets, according to Saudi Gazette
Global interest in the Islamic financing sector was demonstrated in October 2013, when Britain announced that it would become the first non-Muslim country to sell a bond that can be bought by Islamic investors, the newspaper said
Prime Minister David Cameron said that the UK Treasury is drawing up plans to issue a ?200m sukuk, a form of debt that complies with Islamic financial law
The new Shariah-compliant gilt will enable Britain to become the first non-Muslim country to tap the growing pool of Islamic investments, which is set to exceed $1 trillion by 2014.
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