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Articles > RMC > Islam and Economics > UAE representative tells how much Muslims invest in Islamic banks

UAE representative tells how much Muslims invest in Islamic banks Abdullah Al-Saleh, Deputy minister of economy of the UAE, spoke on Friday at the RussiaIslamic world: KazanSummit forum, mentioning successful development of Islamic banks.

Islamic economy is developing steadily, our Islamic banks develop more rapidly compared to traditional banks, which is especially important in the context of Muslim population growth in the world, he said. Every year Muslims invest USD 1.8 trillion in Islamic banks, which indicates that there are good prospects for Islamic banking development.

He mentioned that the UAE was second after Malaysia among Islamic states practicing Islamic banking. The first Islamic bank in the world was established in 1975 in Dubai.  

Rustam Minnikhanov, President of Tatarstan, noted that the Islamic finance sector was one of the most rapidly developing sectors in the world, with the annual growth of 1520%.

Islamic banking implies compliance with Islamic economic principals. Islam forbids usury, therefore Islamic banks dont provide interest loans. Organizations received direct income from the profit of financed business projects.

The annual KazanSummit takes place in the capital of Tatarstan on 1920 May. Over 1500 participants from 35 countries attend the event. The key topics of discussion are the new structure of the global economy and prospects of the financial development of the OIC countries projects in the Russian regions in the context of international economic relations. KazanSummit is conducted with the support of the Federation Council and the Government of Tatarstan.

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