The growth of Islamic finance is to be welcomed as it indicates the expanding role of emerging economies in the global financial system, said Mario Draghi, the governor of the Bank of Italy. Noting its heightened profile in Europe in particular, he said that Islamic bonds, known as sukuk, had contributed to the sector's growth.

He cautioned, however, that Islamic finance added to the complexity of the financial system, and to this end, hailed steps taken by Muslim countries to integrate with