Islamic Financial Services Industry Grows 10.7% YoY in 2020: IFSB

The Islamic Financial Services Board (IFSB) reported that the Islamic Financial Services Industry (IFSI) was worth an estimated USD 2.7 trillion in 2020, reflecting 10.7% year-on-year (YoY) growth. This was published in the IFSI Stability Report 2021 on the 18th of August 2021.

Why it Matters?

IFSI’s performance comes about despite uncertainties caused by the COVID-19 pandemic and was led by solid improvement across three of IFSI’s segments, including Islamic banking and the Islamic capital market. The Islamic banking segment retained its dominance in the global IFSI in 2020 (with a market share of 68.2% at the end of the third quarter of 2020) and other sectors like the Islamic Capital Market and Islamic funds too recorded significant val...