Global Islamic financial assets are estimated to have grown over $2 trillion, according to the International Monetary Fund (IMF).
In its annual report, the IMF said that the Islamic finance sector continues to grow and evolve in size and complexity. Islamic banking takes place in more than 60 countries, and the industry is now systemically important in 13 jurisdictions.
Around 85 percent of these global Islamic financial assets are from the Islamic banking sector.
While more than 60 countries have an Islamic finance sector, according to reports, just 10 ten of these, account for 95 percent of the global Islamic financial assets.
As of 2018, Iran accounted for 30 percent of the global Islamic financial assets followed by Saudi Arabia with 24 percent, Malaysia with 11 percent, the United Arab Emirates with 10 ten percent, Qatar with 6 six percent, Kuwait with 5 five percent, Bahrain with 4 four percent, Bangladesh with 1.8 percent, Indonesia with 1.6 percent and finally Pakistan with 1 one percent.
Over the last decade, reportedly, Islamic finance has seen a substantial growth of 10 to 12 percent, mostly driven by countries such as Iran, Saudi Arabia, Malaysia, and the UAE.
Experts believe the global Islamic assets to reach $3.5 trillion by 2021; however, a lot will depend on the performance of the Islamic finance sector in the 13 important jurisdictions.
Recently, Oman has seen the growth of the Islamic banking sector in the country. According to reports, Islamic banking accounted for 13.4 percent of the total banking share in Oman.
Credit rating agency Moody’s, recently published a report citing that Africa has great potential when it comes to Islamic finance. The agency expects the sector to grow in the next 12 to 18 months in Africa. Islamic finance emerged on the continent in 2013.