The global Islamic finance industry had a CAGR growth of 6% to US$ 2.4 trillion in assets from 2012, based on figures reported for 56 countries. Iran, Saudi Arabia and Malaysia remain the largest Islamic finance markets in terms of assets, while Cyprus, Nigeria and Australia saw the most rapid growth. Malaysia, Bahrain and the UAE again led the 131 countries assessed in terms of the Islamic Finance Development Indicator score. The emerging Islamic finance markets which had most improvements in their financial and supporting ecosystems include Iraq, Suriname, Nigeria and Ethiopia. Digitalization has emerged as a major trend across different sectors of the Islamic finance industry, just as it is similarly shaking up the global financial system. Taking into consideration the performance of each sector of the Islamic finance industry and the development of its surrounding ecosystem, the report sees potential for the industry to grow to US$ 3.8 trillion in assets by 2023 – an average projected growth of 10% per year.
The report present findings from the Islamic Finance Development Indicator (IFDI 2018). The IFDI measures five key components that combine to depict the bigger picture of the state of Islamic finance: Quantitative Development, Governance, Corporate Social Responsibility, Knowledge and Awareness. Read more here.