New competitors are throwing down a challenge to the largest Islamic finance centres in Asia and the Gulf: Turkey, Libya, and even Dublin and Luxembourg, are looking to centralise sharia-compliant service offerings under one roof.
These putative Islamic finance hubs will have their work cut out if they are to supersede Bahrain and Malaysia. Over the past three decades, these twin giants have created a solid underpinning for their sharia sectors, erecting a financial architecture to encourage innovation and build investor confidence.
