Global Islamic Finance Industry to Continue Its Growth Trajectory in 2021 and Beyond: Moody’s

Moody’s Investors Service (Moody’s) has reported that the global Islamic finance industry (which includes Islamic banking, Sukuk, and Takaful) is expected to continue to grow into 2021. Having increased 14% year-on-year in 2019 to USD 2.88 trillion, as reported by the Islamic Finance Development Report 2020, Moody’s expects the global Islamic finance industry to reach USD 3.69 trillion by 2024 in terms of assets. Key factors contributing to this growth include robust demand, government support as well as the likelihood of increased mergers within the Gulf Cooperation Council (GCC).

Why it matters?

Much of 2020 was spent tackling COVID-19, and whilst final numbers have not yet been released, key rating agency estimates released in September 2020 indicate th...