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‘No major impact on Islamic finance due to Arab Spring’

The Islamic Finance industry does not suffer major setbacks due to the political turmoil the Middle East and North Africa (MENA) goes throuh, sayd John H. Vogel, senior corporate and finance partner at the international law firm Patton Boggs LLP, based in Washington D. C. Speaking at the 6th Luxembourg Financial Forum 2011, Vogel, an legal expert in Islamic finance, added that the industsy has grown globally to $1.2tr, and that growth in the GCC, Southeast Asia and Europe mitigates possible setbacks in the MENA region. "The range in Shari'ah finance is so broadm regionally and in relation to products, that its annual growth rate of 15% is not in danger," Vogel concluded.