
Islamic Finance FAQ: A Global Finance Series
Islamic finance is a fast-growing $2 trillion industry, yet many finance professionals do not know halal from haram. Global Finance's series on Islamic finance explains.
Emerging markets overtook developed markets both in terms of sales and purchases of foreign acquisitions - accounting for 56% of total cross-border transactions in 2013.
Region/Economy |
2011 |
2012 |
2013 |
---|---|---|---|
World |
10 397 |
9 794 |
8 624 |
Developed economies |
6 915 |
6 658 |
5 890 |
Europe |
4 195 |
3 932 |
3 509 |
European Union |
3 869 |
3 591 |
3 245 |
Austria |
80 |
58 |
66 |
Belgium |
115 |
112 |
96 |
Bulgaria |
14 |
19 |
23 |
Croatia |
18 |
12 |
12 |
Cyprus |
43 |
36 |
18 |
Czech Republic |
93 |
78 |
65 |
Czech Republic |
- |
- |
- |
Denmark |
122 |
106 |
138 |
Estonia |
18 |
26 |
21 |
Finland |
87 |
86 |
78 |
France |
433 |
390 |
347 |
Germany |
587 |
563 |
466 |
Greece |
18 |
11 |
25 |
Hungary |
25 |
26 |
35 |
Ireland |
64 |
85 |
56 |
Italy |
241 |
166 |
180 |
Latvia |
25 |
19 |
15 |
Lithuania |
37 |
22 |
15 |
Luxembourg |
37 |
24 |
23 |
Malta |
4 |
5 |
4 |
Netherlands |
217 |
203 |
197 |
Poland |
112 |
117 |
100 |
Portugal |
28 |
35 |
25 |
Romania |
39 |
45 |
42 |
Slovakia |
11 |
16 |
9 |
Slovenia |
2 |
9 |
7 |
Spain |
277 |
262 |
241 |
Sweden |
268 |
248 |
171 |
United Kingdom |
854 |
812 |
770 |
Other developed Europe |
326 |
341 |
264 |
Andorra |
- |
1 |
- |
Faeroe Islands |
- |
- |
2 |
Gibraltar |
- |
3 |
3 |
Guernsey |
3 |
11 |
7 |
Iceland |
3 |
6 |
2 |
Isle of Man |
9 |
7 |
6 |
Jersey |
4 |
8 |
4 |
Liechtenstein |
- |
1 |
- |
Monaco |
3 |
1 |
2 |
Norway |
144 |
162 |
119 |
San Marino |
- |
1 |
- |
Switzerland |
160 |
140 |
119 |
North America |
2 045 |
1 982 |
1 742 |
Canada |
504 |
542 |
464 |
United States |
1 541 |
1 440 |
1 278 |
Other developed countries |
675 |
744 |
639 |
Australia |
423 |
425 |
410 |
Bermuda |
18 |
11 |
10 |
Greenland |
2 |
- |
- |
Israel |
37 |
57 |
36 |
Japan |
121 |
174 |
109 |
New Zealand |
74 |
77 |
74 |
Developing economies |
2 853 |
2 574 |
2 237 |
Africa |
217 |
202 |
198 |
North Africa |
35 |
37 |
43 |
Algeria |
- |
- |
5 |
Egypt |
19 |
23 |
25 |
Libya |
2 |
1 |
- |
Morocco |
10 |
8 |
9 |
Sudan |
1 |
1 |
- |
Tunisia |
3 |
4 |
4 |
Other Africa |
182 |
165 |
155 |
Benin |
1 |
- |
- |
Burkina Faso |
3 |
4 |
3 |
Cabo Verde |
- |
- |
- |
Côte d' Ivoire |
1 |
2 |
3 |
Gambia |
- |
- |
- |
Ghana |
3 |
1 |
6 |
Guinea |
- |
1 |
2 |
Liberia |
2 |
3 |
3 |
Mali |
1 |
- |
3 |
Mauritania |
- |
- |
- |
Niger |
- |
- |
1 |
Nigeria |
12 |
10 |
12 |
Senegal |
- |
- |
1 |
Sierra Leone |
5 |
5 |
- |
Togo |
2 |
- |
1 |
Burundi |
- |
- |
- |
Rwanda |
2 |
3 |
1 |
Cameroon |
1 |
1 |
3 |
Chad |
1 |
- |
2 |
Congo |
3 |
3 |
1 |
Congo, Democratic Republic of the |
- |
2 |
6 |
Equatorial Guinea |
- |
- |
- |
Gabon |
1 |
1 |
5 |
Djibouti |
1 |
- |
- |
Eritrea |
1 |
2 |
- |
Ethiopia |
4 |
4 |
1 |
Kenya |
7 |
8 |
6 |
Madagascar |
1 |
- |
4 |
Mauritius |
7 |
5 |
3 |
Mayotte |
- |
- |
- |
Reunion |
2 |
1 |
1 |
Seychelles |
- |
- |
- |
Somalia |
- |
- |
2 |
Uganda |
2 |
3 |
2 |
United Republic of Tanzania |
2 |
6 |
3 |
Malawi |
1 |
1 |
3 |
Mozambique |
10 |
5 |
5 |
Zambia |
4 |
4 |
- |
Zimbabwe |
5 |
10 |
3 |
Botswana |
3 |
1 |
2 |
Lesotho |
- |
- |
- |
Namibia |
5 |
11 |
2 |
South Africa |
89 |
68 |
64 |
Swaziland |
- |
- |
- |
Angola |
- |
- |
1 |
Asia |
1 770 |
1 577 |
1 422 |
East and South-East Asia |
1 305 |
1 126 |
995 |
East Asia |
721 |
624 |
586 |
China |
405 |
365 |
343 |
Hong Kong, China |
154 |
110 |
113 |
Korea, Democratic People's Republic of |
- |
- |
- |
Korea, Republic of |
106 |
112 |
88 |
Macao, China |
4 |
2 |
7 |
Mongolia |
18 |
7 |
2 |
Taiwan Province of China |
34 |
28 |
33 |
South-East Asia |
584 |
502 |
409 |
Brunei Darussalam |
1 |
- |
1 |
Cambodia |
3 |
8 |
5 |
Indonesia |
177 |
118 |
70 |
Lao People's Democratic Republic |
4 |
1 |
- |
Malaysia |
100 |
78 |
76 |
Myanmar |
- |
1 |
3 |
Philippines |
41 |
43 |
27 |
Singapore |
153 |
126 |
125 |
Thailand |
54 |
67 |
53 |
Viet Nam |
51 |
60 |
49 |
South Asia |
244 |
231 |
235 |
Afghanistan |
- |
- |
- |
Bangladesh |
1 |
2 |
6 |
Iran, Islamic Republic of |
1 |
2 |
- |
India |
226 |
206 |
211 |
Maldives |
- |
- |
4 |
Nepal |
4 |
- |
- |
Pakistan |
5 |
5 |
3 |
Sri Lanka |
7 |
16 |
11 |
West Asia |
221 |
220 |
192 |
Bahrain |
2 |
6 |
6 |
Iraq |
8 |
10 |
8 |
Jordan |
12 |
20 |
8 |
Kuwait |
8 |
10 |
12 |
Lebanon |
5 |
6 |
2 |
Oman |
4 |
7 |
8 |
Qatar |
6 |
5 |
1 |
Saudi Arabia |
32 |
19 |
18 |
State of Palestine |
- |
- |
- |
Syrian Arab Republic |
- |
- |
- |
Turkey |
98 |
94 |
86 |
United Arab Emirates |
46 |
41 |
42 |
Yemen |
- |
2 |
1 |
Latin America and the Caribbean |
857 |
783 |
610 |
South and Central America |
766 |
716 |
569 |
South America |
637 |
588 |
440 |
Argentina |
123 |
58 |
39 |
Bolivia, Plurinational State of |
1 |
3 |
8 |
Brazil |
246 |
260 |
211 |
Chile |
84 |
84 |
62 |
Colombia |
70 |
61 |
38 |
Ecuador |
14 |
11 |
15 |
Falkland Islands (Malvinas) |
- |
1 |
- |
Guyana |
8 |
1 |
3 |
Paraguay |
3 |
7 |
6 |
Peru |
67 |
72 |
43 |
Suriname |
4 |
2 |
- |
Uruguay |
12 |
22 |
13 |
Venezuela, Bolivarian Republic of |
5 |
6 |
2 |
Central America |
129 |
128 |
129 |
Belize |
1 |
2 |
- |
Costa Rica |
15 |
7 |
12 |
El Salvador |
3 |
6 |
- |
Guatemala |
3 |
5 |
6 |
Honduras |
2 |
2 |
1 |
Mexico |
86 |
86 |
92 |
Nicaragua |
5 |
5 |
6 |
Panama |
14 |
15 |
12 |
Caribbean |
91 |
67 |
41 |
Anguilla |
1 |
1 |
- |
Antigua and Barbuda |
- |
1 |
1 |
Aruba |
- |
- |
- |
Bahamas |
4 |
3 |
1 |
Barbados |
1 |
2 |
2 |
British Virgin Islands |
41 |
17 |
12 |
Cayman Islands |
11 |
15 |
7 |
Cuba |
- |
- |
- |
Dominica |
- |
- |
- |
Dominican Republic |
3 |
7 |
2 |
Grenada |
- |
- |
- |
Guadeloupe |
2 |
- |
- |
Haiti |
- |
1 |
- |
Jamaica |
3 |
2 |
- |
Martinique |
2 |
1 |
- |
Netherlands Antilles |
1 |
1 |
2 |
Puerto Rico |
14 |
12 |
11 |
Saint Kitts and Nevis |
- |
- |
1 |
Saint Lucia |
- |
2 |
- |
Saint Vincent and the Grenadines |
- |
- |
- |
Trinidad and Tobago |
7 |
2 |
1 |
Turks and Caicos Islands |
- |
- |
- |
US Virgin Islands |
1 |
- |
- |
Oceania |
9 |
12 |
7 |
American Samoa |
- |
1 |
- |
Cook Islands |
- |
- |
- |
Fiji |
- |
1 |
1 |
French Polynesia |
- |
1 |
- |
Guam |
1 |
- |
- |
Kiribati |
- |
- |
- |
Marshall Islands |
- |
- |
1 |
Micronesia, Federated States of |
- |
- |
- |
New Caledonia |
3 |
- |
- |
Niue |
- |
- |
- |
Northern Mariana Islands |
- |
- |
- |
Papua New Guinea |
3 |
5 |
3 |
Samoa |
- |
3 |
- |
Solomon Islands |
1 |
1 |
- |
Tonga |
- |
- |
- |
Vanuatu |
1 |
- |
2 |
Transition economies |
629 |
562 |
497 |
South-East Europe |
33 |
23 |
19 |
Albania |
- |
1 |
- |
Bosnia and Herzegovina |
2 |
2 |
3 |
Montenegro |
1 |
2 |
- |
Serbia |
21 |
11 |
14 |
Serbia and Montenegro |
1 |
- |
- |
The former Yugoslav Republic of Macedonia |
8 |
7 |
2 |
Yugoslavia (former) |
- |
- |
- |
CIS |
596 |
539 |
478 |
Armenia |
5 |
5 |
1 |
Azerbaijan |
1 |
1 |
1 |
Belarus |
10 |
9 |
4 |
Kazakhstan |
13 |
9 |
19 |
Kyrgyzstan |
4 |
4 |
4 |
Moldova, Republic of |
5 |
1 |
- |
Russian Federation |
473 |
427 |
357 |
Tajikistan |
1 |
1 |
2 |
Turkmenistan |
- |
- |
- |
Ukraine |
77 |
72 |
85 |
Uzbekistan |
3 |
2 |
4 |
Georgia |
4 |
8 |
1 |
Unspecified |
- |
- |
- |
Memorandum |
|
|
|
Least developed countries (LDCs) |
58 |
63 |
61 |
Landlocked countries (LLCs) |
96 |
78 |
70 |
Small island developing States (SIDS) |
27 |
27 |
20 |