Demand for Shariah-compliant financial products is set to skyrocket between now and 2020, a report has predicted.
Researchers from management consultancy Accenture have forecast that demand for products that are compatible with Islamic law will grow by 12 per cent annually in this timeframe.
This would bring the size of the market to $35 billion in 12 years - up from its present level of $10 billion.
The boom will be driven by Muslims who are domiciled in European countries and the US, City AM reports.
However, Markets set to see the most rapid rate of growth include Turkey and Malaysia as well as emerging economies such as Egypt, Indonesia and Morocco, which are anticipated to expand in size by around 20 per cent annually.
Shariah-compliant products take into account the fact that usury - interest payments - is forbidden under Islamic law and bar investments in gambling, pornography, alcohol and pork products.
