Credit Suisse is planning to expand its product portfolio of Islamic products. The bank's global head of Islamic products said yesterday that it wanted to accommodate Shariah-focused investors and to benefit from the raidly growing Islamic financing sector. Credit Suisse expects demand for investments that conform to Islamic principles will continue to grow globally as a variety of factors are driving the move to Islamic finance especially in the Gulf and in South East Asia. "I have not witnessed a banking activity that has shown such sustained growth for two decades," said Fares Murad, global head of Credit Suisse Islamic investments. "There are many socio-political factors that are driving this growth. To say that Islamic finance is growing because of petro-dollars is simplistic," he said. He sees the possibility of the Islamic banking sector overtaking conventional banks in terms of assets in the region in the coming years. Islamic banks are very active and innovative and they are eager to grow," said Mr Murad. Industry sources estimate the Islamic finance sector to be around $400 billion globally. Half of the assets are located in the Gulf, 25 per cent in Southeast Asia and the rest distributed in other parts of the world. Mr Murad said his bank is responding to demands from clients for Shariah-compliant products that would exclude investment in interest-based assets or in businesses that produce or deal in alcohol, pork, gambling, weapons and entertainment. Credit Suisse launched its first Shariah-compliant fund earlier this month to raise an unspecified amount. The subscription period for the open-ended fund will close on 30 March. Up to 20 per cent of the amount collected will be invested in emerging economies.