Islamic Finance Development Report for 2020 Provides Valuable Insight into the Global Islamic Finance Industry

The 2020 Islamic Finance Development Report issued by the Islamic Corporation for the Development of the Private Sector (ICD), together with Refinitiv, stated that Islamic finance assets globally increased 14% year-on-year (YoY) to reach USD 2.88 trillion in 2019. Globally, Islamic finance assets are forecast to reach USD 3.69 trillion by 2024, according to the report.

Analysed by sub-segment, the Islamic banking segment of the global Islamic finance assets industry contributed USD 1.99 trillion in 2019, up 14% YoY. This is a significant improvement from the segment’s 1% YoY growth in 2018, and average annual growth of 5% YoY recorded between 2015 and 2018.

According to the Islamic Finance Development Indicator (IFDI), the leading developed countries in Islamic...