The growth in Gulf Cooperation Council has been exceptional with Bahrian emerging as a main centre adopting and implementing Islamic banking regulation, being the first central bank to issue Sukuk and establishing centre for Islamic finance education, etc. Iran and Sudan declared sometime back 100% conversion to Islamic banking.
Within South East Asia,  BIS Review 128/2007  1  Malaysia stands out with $ billion Islamic banking assets, $ billion Takaful industry and has the largest Islamic private debt market which constitutes 45.5% of its total debt market. 1 Other countries in South East Asia have smaller Islamic financial markets and Singapore has positioned itself to offer strong wealth management potential.