Failaka Advisors, in partnership with Paris-based Grapes Market Research & Advisory, has released the second edition of The Shariah Report.

The 2012 version of the report is the world's first comprehensive report on Shariah scholars, with detailed profiles of more than 120 of the top scholars in the Middle East and from around the globe highlighting Islamic Finance’s global reach.

“Spanning from East to West, the report profiles Shariah scholars from Asia, Middle East, Africa, Europe and North America, providing insight into the depth and breadth of the industry”, said Anne-Sophie Gintzburger, founding director at Grapes.

Each scholarly profile comprises country of birth, academic qualifications, a cross-referenced list of institutions where each scholar serves as a Shariah board member, and a list of their important works on Islamic finance.

Mark Smyth, managing director of Failaka, said: “It was a long and diligent process, which will surely help to improve still further the openness and transparency of the industry.”

Standard & Poor’s Islamic finance outlook projects that the current value of the Islamic financial services industry is more than $1 trillion and that the industry is predicted to grow to $4 trillion by 2020 at a rate of 10 per cent per annum.

In addition, there is $50 billion in existing managed funds invested in equities according to Islamic principles, according to Ernst and Young Islamic Funds and Investment Report 2010.

With an impressive annual growth forecast over the next eight years, the role of scholars will become increasingly important as more pressure is placed upon Shariah board members to ensure that the operations and activities of the banking institutions comply with Shariah principles.

“We expect strong demand for the second edition as the industry continues to expand and new scholars and institutions enter the field,” added Smyth.

The Shariah Report 2012 is published in book form and can be ordered from the company’s website. – TradeArabia News Service