There has been no shortage of articles written about how Islamic finance is growing at a galloping pace, with its estimated 15% to 20% annual growth rate considerably outstripping that seen in the conventional banking industry. Global Islamic assets held by commercial banks stood at $1.3bn in 2011, but the industry's forecast growth of some 40% over two years will see this figure rise to $1.8bn in 2013, according to research by Ernst & Young.
To put these statistics in perspective, however, it is worth bearing in mind that Islamic finance is growing from a relatively low base; Islamic banking assets account for less than 1% of global banking assets today.