Dubai Islamic Economy Development Centre

Islamic finance is emerging as one of the main tools for further economic development in the Mediterranean region, a panel of experts said Nov. 27.

Islamic finance continues to expand globally but the industry risks losing its differentiation from conventional financial products and lacks official data to ensure better supervision, an oversight body said.

Islamic banking is growing faster than its conventional counterpart but is focused in a few core markets and risks missing an opportunity to build a global footprint, the EY consultancy said in a report Dec. 2.