Islamic banking is regarded as the fastest growing segment in the banking sector with a growth rate of 20 to 30 percent per year recorded over the past decade. With more than 390 Islamic banks in over 75 counties, this segment offers products and services compliant with the sharia that is the backbone of Islamic religious law. As a large percentage of the world’s Muslim population are located in the Middle East and North Africa region (MENA), it is logical that this region accounts for nearly 56 percent of total Islamic banking assets. The top three Islamic banks, Al Rajhi bank (KSA), Kuwait Finance House (Kuwait) and Dubai Islamic Bank (UAE) are all located in the MENA region. Since this sector is still in its early stages of development, with market opportunities yet to be exploited, estimates about the size of the industry still differ. The International Monetary Fund (IMF)
