Salam Business Club (SalamBC), the social business network built especially for the Arab, Asian and Muslim business world, and that recently launched versions in Arabic, Urdu and other languages (and soon in Persian), will be officially announcing an interesting new business development for their service in the upcoming days.
Through a partnership with the Institute for Islamic Finance and Banking (IFIBAF), they aim to be the first online destination to offer Islamic Finance and Banking products to its members.
The deal comes at a time when demand for Islamic financial products is really high and growing, both from Muslims as well as non-Muslims all around the world, yet this demand remains far from covered and satisfied by whatever offers currently exist in the market. And the current economic crisis is pushing even more people to consider Islamic finance and banking as a safer option, with a number of banks working on building up Islamic finance units.
The Islamic finance industry, which is still a nascent one, is currently estimated at $700 billion to $1 trillion in asset size, with a 15-20 percent annual growth rate.
The move by SalamBC to launch such products also comes upon the requests and feedback that they kept constantly getting through listening to their members.
With this deal, SalamBC brings its whole database of members from over 180 countries worldwide to the table, while the IFIBAF brings its long years of experience with Islamic finance and banking, as well as its extensive global network within the Islamic Banking Community, to offer together a central entry point to Shariah-compliant financial products for everyone interested.
Their initial focus for their offerings will be on the European market, as the demand there is largely unsatisfied, but they will be extending to the rest of the world soon after that, as they continue to finalize more partnerships and agreements around the world.