Islamic inroads

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The effects of the global financial turmoil have reverberated worldwide, even touching the once-thought-immune Islamic financial sector. Growth in global Islamic banking assets, for example, is set to slow this year to around 10-15% from about 20-30% in 2008, says a November report by Moody's Investors Service, Gulf Islamic Banks Resilient Amid Global Credit Woes.

The lack of a developed Islamic interbank market and the absence of risk-mitigation techniques for Islamic banks will hinder growth

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