By Nawab Khan
Interviewed by KUNA, he said Islamic financing which is one of the most mature sectors of the Islamic economy, is unable to make a real breakthrough because of the very fact that it is industry-driven and not market-driven.
The term Islamic economy can be considered through various angles. Some take it to mean the economies of the 57 member states of the
"Islam and Muslims are a global paradigm with specific needs and requirements that need to be serviced accordingly. The fact that large forums like the
In terms of figures, one could consider the 1, 65 billion Muslims who constitute the Ummah as the market of the Islamic economy.
But, he noted that Muslims across the world are heterogeneous in their consumption habits and added Islamic products could also be potentially interesting to non-Muslims.
He referred to a survey conducted by
Islamic financial assets in 2012 were estimated at
"The Islamic economy goes beyond Islamic countries. It is a de facto global endeavour, as most suppliers to the Islamic markets are based in the West," he said.
Marliere said that merely copying what
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