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Global Growth of Islamic Finance Industry Assets to 2023

Adi Ahdiat 18/12/2024 14:44 WIB

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According to the Islamic Finance Development Indicator, the total assets of the global Islamic finance industry grew by 11% year-on-year (yoy) in 2023, reaching US$4.9 trillion.

Global Islamic Finance Industry Total Assets (2017-2023)

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Global Islamic Finance Industry Total Assets (2017-2023)

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The Islamic finance industry comprises Islamic banking, sukuk, Islamic funds, Takaful (Islamic insurance), and other finance industries based on Islamic principles.

According to the Islamic Finance Development Indicator (IFDI) report, the total global assets of the Islamic finance industry reached US$4.9 trillion in 2023, a growth of 11% year-on-year.

Islamic banking constitutes the largest portion of these assets, contributing 73% to the total global Islamic finance assets.

Sukuk contributed 18%, Islamic funds 5%, Takaful 2%, and other Islamic finance industries 3%.

The Islamic Corporation for the Development of the Private Sector (ICD) and the London Stock Exchange Group (LSEG), the two institutions that compiled the IFDI report, project continued growth in global Islamic finance assets in the future.

"We project that the industry's assets will exceed US$7.5 trillion by 2028," according to the ICD and LSEG report.

However, they also identified several risks that could negatively impact its performance.

"Geopolitical tensions, natural disasters, trade fragmentation, and high interest rates are impacting global financial markets, including Islamic finance," they stated.

"Increased tensions in the Middle East add to economic uncertainty and could affect the Islamic finance industry in the region's key markets," they continued.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Global Growth of Islamic Finance Industry Assets to 2023

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