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Fri Dec 11 2020
Global Islamic Finance assets are forecast to reach USD 3.69 trillion by 2024, according to the 2020 Islamic Finance Development Report released on Wednesday by Refinitiv and the Islamic Corporation for the Development of the Private Sector, ICD, the private sector development arm of the Islamic Development Bank, IsDB.
According to the report, global Islamic Finance assets increased by 14 percent year-on-year totaling USD 2.88 trillion in 2019. Islamic Finance assets of Gulf Cooperation Council, GCC, reached USD 1.2 trillion in 2019, followed by Middle East and North Africa, MENA, at USD 755 billion (excluding the GCC), and Southeast Asia at USD 685 billion.
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.