The GROWTH OF SHARIA BANKING IN ASIA
Abstract
In the early days of the development of sharia banking between the period 1980-1990, the sharia banking industry focused only on the Middle East and Southeast Asia, or on countries that have a majority Muslim population. Since then sharia banking has grown very rapidly beyond 75 countries in the world. Sharia banking is believed to be the solution to the problems faced by banks today, from the only "basic banking" in the 1990s, the sharia banking industry developed wings to broader segments such as sukuk (sharia bonds), management assets, and takaful sharia insurance ) The growth of sharia banking assets from USD 150 billion in the 1990 period became USD 1.9 Trillion at the end of 2013, and was predicted in 2020 to be USD 6.5 Trillion. At present, sharia banking dominates 80.4% in "sharia financial assets". Sharia banking is currently an alternative choice for conventional banking, not only growing in Muslim countries but also in other countries.
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