Global Islamic finance industry is growing

Advert

hal20 superbanner 720x90px 190808 - Global Islamic finance industry is growing
Photo: Unsplash

According to the 10th Global Islamic Finance Report (GIFR) 2019, the estimated figure for the global Islamic financial industry at the end of 2018 was US$2.6 trillion after recording a growth of 6.58%.

“Islamic finance as an industry has been witnessing substantial growth in the past decade, but its growth rate has steadily declined since 2013 from 11.16% to 6.02% in 2017. After five years of declining trend, the industry has once again picked up to register annual growth in assets of 6.58% during 2018,” explained Professor Humayon Dar, Director General of Cambridge Institute of Islamic Finance and Founder of GIFR.

With Indonesia taking the leadership position as the most influential country in the global Islamic finance industry, Malaysia is now placed 2nd on the IFCI 2019 rank, followed by Iran at number 3 and Saudi Arabia and Sudan are at number 4 and 5, respectively.

At number 6 is Brunei Darussalam, UAE is at number 7, Bangladesh at 8, Kuwait at 9 and Pakistan at number 10. Last year, Indonesia was ranked at 6th position in IFCI 2018.