Assets under management (AUM) in Islamic mutual funds have increased substantially so as to outpace global fund growth rate, says Fitch Ratings in a new report.
Murabaha and Tawarruq contracts prompted a 19 percent annual rise in total financing provided by Saudi Islamic banks as of Sep. 30 2021. The total financing provided to that date by the Saudi Islamic banks reached SR1.67 trillion ($444 billion), according to a monthly report published by SAMA. Murabaha is a Shariah-compliant structure of financing which stipulates a profit