Industry Growth

Overview of Global Islamic Finance Industry

  • The global Islamic finance industry reached approximately USD 2.1 tln in 2014, witnessing double digit growth rates across all sectors of the Islamic financial services industry.

  • Islamic banking and sukuk sectors continue to dominate the industry with respective 80% (USD1.7tln) and 14% (USD300bln) shares in aggregate assets as at end 2014.

  • To date, Islamic finance has made inroads into Africa, namely, Nigeria, South Africa and Kenya through the existence of Islamic banking and takaful firms in these countries.

  • Islamic finance has expanded its presence in Europe mainly via capital markets. Islamic funds continued to expand in the region, while sukuk listings by foreign issuers on the European Exchanges are also on the rise.

  • The growth will be mainly contributed by leading key markets of Malaysia, Saudi Arabia, the UAE, Qatar and Kuwait; new domiciles such as Indonesia and Turkey; as well as the expected debut markets in Africa and Central Asia.