Prophet Sharing: Islamic bankers turn Muslim ban on interest into hot niche market: Western firms join faithful as booming sector amasses up to $100 billion in funds

The Islamic banking industry, as a niche market, is a growing field. The pool of funds in Islamic institutions' hands is figured to be between $50 and $100 billion. There is a great deal of geographic diversity amongst these firms. Citibank now has over $1 billion in Islamic funds, and the firm is set to establish an Islamic subsidiary in Bahrain to be called Citi Islamic Investment Bank. ANO-Amro Holding NV, a Dutch firm, is initiating a four-person team to work on Islamic banking. There are a number of problems that stand in the way of worldwide Islamic banking expansion. Amongst them are a lack of money markets that conform to Islamic law and a lack of standardized accounting regulations. The growth rate of the Islamic banking field has been predicted to be at least 10%-15% per year. The billion Muslims of the world, in a religious resurgence, have come to seek facilities that offer Islamic banking. Islamic investors are desirous of the highest potential return on their m