MANAMA (Reuters) - The Islamic finance industry has grown rapidly as more of the world's 1.2 billion Muslims seek investments that comply with their religious beliefs.
A tripling of oil prices in the five years to July has flooded the Islamic finance business with petrodollars, accelerating expansion.
The following are some key facts about Islamic finance industry:
WHAT IS ISLAMIC FINANCE?
* Islamic banking complies with sharia, or Islamic law. A ban on charging interest and investing in prohibited businesses such as trading in alcohol, pork, arms, pornography or gambling, are among features that distinguish it from traditional banking.
* Malaysia, and the states that make up the Gulf Cooperation Council -- Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates -- are the world's two Islamic banking hubs, but Islamic banks are opening elsewhere. The European Islamic Investment Bank is Britain's first sharia-compliant lender.
* Islamic bonds, or sukuk, are typically backed by physical assets that pay a dividend or rent to bondholders rather than interest.
HOW BIG IS THE INDUSTRY?
* There are more than 300 Islamic banks and investment firms globally, according to the Bahrain-based General Council for Islamic Banks and Financial Institutions. The figure does not include traditional banks with Islamic operations. Continued...
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