The Islamic finance industry is worth about $800bn globally and had been growing at an annual rate of 10 to 15 per cent before Dubai hit problems. The sector’s dramatic growth since 2000, when it was worth $150bn, and profusion of investment products has been fueled by an increasing desire by Muslims for investments that comply with Islamic law. Demand has also been triggered by the big increase in wealth in the Gulf, where growth has doubled since 2002 on the back of the soaring oil price.