The Islamic finance industry is rapidly evolving and expanding, with growth of banking assets estimated at $750bn and growing at a rate of 15% to 20% a year. Nabeel Shoaib explains.

Diversification by banks away from industry and into retail indicates Russia’s growing banking prowess.

How profitable are Islamic financial institutions? With Islamic instruments and different reporting standards in some cases, direct comparisons with traditional western interest-bearing instruments have often been difficult to make.

How fast is the Islamic finance industry growing? The Banker attempts to answer this question with the launch of a new listing: Top 500 Islamic Financial Institutions. The pioneering role of the listing is to provide a benchmark for the future, which can be improved on for the good of the industry. Better disclosure is expected to flow from the publication of listings such as this as greater competition puts pressure on institutions to increase transparency in this area. Stephen Timewell and Joe DiVanna report.

Despite infrastructure issues and a lack of scenery, São Paulo has seen off local rivals and is emerging as the region’s pre-eminent financial centre. John Rumsey explains.

Hong Kong has emerged as the clear global financial centre in Asia, standing alongside London and New York. Mark Michelson examines the drivers behind the city’s success.

Professor Joe Bannister, chairman of Malta Financial Services Authority, talks to The Banker about the role of the regulator and its vision for the industry in Malta.

Thierry Gigant, managing director at BNP Paribas in Cyprus, tells The Banker what Cyprus has to offer financial institutions and how regulations, EU accession and joining the euro affect business.

Michael Sarris, Cyprus’s minister of finance, outlines the ambitious plans his ministry has for the country’s future and emphasises Cyprus’s regulatory alignment with the EU.

Gilles Denoyel, deputy CEO of HSBC France, details the advantages Paris offers over other locations including an internationally renowned school of maths and finance and its access to the Eurosystem.