In a speech in the US at the end of September 2011, Islamic Development Bank president Ahmad Mohamed Ali restated the theme he has emphasised ever since the financial crisis took hold in 2008. “The principles of Islamic finance are capable of minimising the severity and frequency of financial crises by introducing greater discipline into the global financial system and requiring the financier to bear or share in the risk,” he told his audience.
A glance at the headline figures for Islamic finance suggests this assessment is accurate. Islamic assets grew almost 21.5% in The Banker's 2011 survey, surpassing $1000bn for the first time. By contrast, assets in The Banker’s Top 1000 World Banks survey in July 2011 had risen just 6.4% year on year – and that after a decline of almost 1% the year before.
