Hence, collaboration between countries in those regions would potentially very important to boost the expansion of Islamic finance in the world. Ladies and Gentlemen, Islamic finance has gained a significant global exposure and experienced a phenomenal growth in the last three decades. From only $ billion of the total assets in 1996, it expanded to reach $ billion in 2010.
In the short-run, this should sustain the demand for credit and investment. Indeed, the banks covered in our Bank Lending Survey confirm that the easing of lending conditions is progressing hand-in-hand with a resurgent demand for credit to finance business investment. In the longer-term perspective, this will increase potential output.