How much is the Islamic finance industry worth?
Islamic finance is a growing part of the international financial system with assets of $US 1.2 trillion, which represents approximately 1% of global banking assets.
What is the approximate size of Islamic finance assets globally?
USD 1.99 trillion
The Islamic banking sector contributes the bulk of the global Islamic Finance assets. The sector grew 14 percent in 2019, equating to USD 1.99 trillion in global assets. This compares with just 1 percent growth in 2018 and an average annual growth of 5 percent over the period from 2015 to 2018.
How big is the Islamic market?
Global growth in Islamic Finance Islamic finance is a global success story, with assets of $2.4 trillion in 2019 (Table 1). That’s 11% higher than a year earlier, and fully a third bigger than in 2015.
What is Islamic finance market?
Market Overview The Islamic finance industry’s performance is measured through five sub-sectors: Islamic Banking; Takaful; Other Islamic Financial Institutions (OIFIs) such as investment or micro-finance companies; Sukuk; and Islamic Funds.
Which are the leading countries following Islamic mode of financing?
Iran leads the way with 29% of the global total followed by Saudi Arabia (25%), Malaysia (11%), the United Arab Emirates (8%), Kuwait (6%), Qatar (6%), Turkey (2.6%), Bangladesh (2.1%), Indonesia (2%) and Bahrain (1.8%). These countries drive the growth of Islamic finance, set industry standards and foster innovation.
How many Islamic financial institutions are there in the world?
In 2019, the number of commercial Islamic banks worldwide amounted to 428 banks. In the same year, the total assets of global Islamic banking amounted to about 1.99 trillion U.S. dollars sharing about six percent of the total global banking assets.
What are the main principles of Islamic finance?
The main principles of Islamic finance are that: Wealth must be generated from legitimate trade and asset-based investment. (The use of money for the purposes of making money is expressly forbidden.) Investment should also have a social and an ethical benefit to wider society beyond pure return.