Global Islamic Finance Industry's Total Assets Near USD 4 Trillion in 2021: ICD-Refinitiv  

The global Islamic finance industry has witnessed a 17% growth in total assets to reach almost USD 4 trillion in 2021 from 2020 and is anticipated to grow to USD 5.9 trillion by 2026, driven by Islamic banks and Sukuk, according to the Islamic Finance Development Report 2022: Embracing Change by Islamic Corporation for the Development of the Private Sector (ICD) and Refinitiv.

Why it Matters?

The Islamic finance sector has improved as economies began to open up more and the pandemic's severity decreased as a result of widespread vaccination. Moving into the fourth quarter of 2022, economies are being negatively affected by the ongoing Russian invasion of Ukraine, which is having an impact on energy prices and on a wide swath of the global supply chain...