Global Islamic finance assets expected to hit US$4.94 trillion in 2025, says Refinitiv

Global Islamic finance assets are projected to reach US$4.94 trillion (US$1=RM4.17) in 2025, according to financial markets data provider Refinitiv. Citing its Islamic Finance Development Indicator (IFDI) 2021 report on 17 November, it said global assets for the industry maintained double-digit growth by rising 14% to US$3.374 trillion in 2020. “Sukuks, the second-biggest sector in Islamic finance, grew 16% in 2020, driven by the Gulf Cooperation Council (GCC) and Southeast Asia,” it said in a statement. Refinitiv said the report also highlighted new trends for this year, including the expansion of the financial technology (fintech) industry and digital banks led by Malaysia, Indonesia, Saudi Arabia, Bahrain, and the United Arab Emirates (UAE).