If London is deemed as the foreign exchange transaction hub and New York for equities, where is the Shariah-Compliant Finance transaction hub? There isn’t one.
The closest thing the Shariah Finance industry has to a hub would be Tehran, since Iran boasts over 35% of all Shariah-Compliant assets and also is home to the majority of the major Shariah-Compliant financial institutions. Of course, this is very inconvenient for the promoters of Shariah Finance, since Iran is an international pariah and all of those Shariah-Compliant financial institutions are under sanctions of one form or another due to their activities in support of terrorism and weapons of mass destruction.
Cross-border regulations, taxes and especially varying standards have fragmented the Shariah Finance sector elsewhere…
http://gulfnews.com/business/opinion/where-is-the-hub-of-sharia-transactions-1.649793
