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The investment manager said that apprehension about the value and quality of banking assets had lead to several major financial corporations, both European and American, to consider Shariah compliant finance as a viable alternative for raising capital.

Gartmore said that the Shariah principles of shared ownership and the prominence of "real assets" are particularly appealing in the current climate.

As the Islamic market has been relatively segregated from that of the West it has had few dealings with the US mortgage market and so has not been affected by the American “credit crisis”.

Andrew Marshall, head of emerging markets research at Gartmore, said: "The growing importance of Shariah-complaint finance reflects an important global transfer of liquidity, prompted by the oil boom. It also illustrates how emerging financial markets are increasing their depth and range."

"We also note that issuers are moving away from pricing in US dollars, with more issuers choosing the UAE dirham, Saudi riyal or Malaysian ringgit."