Islamic finance assets projected to reach $3.69trn by 2024

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Abuja

Social distancing, resulting from the Coronavirus pandemic, is likely to be the catalyst for Islamic banks across many countries to accelerate their digital transformation strategies, especially with financial inclusion being a major issue in many of the countries where Islamic finance is active.
From the State of the Global Islamic Economy 2020/2021 Report, the Covid-19 pandemic halted the growth of the Islamic finance sector but stimulated the development of more inclusive and socially driven finance, whether through crowdfunding, public-private partnerships, or support for SMEs.
The report estimates that the value of Islamic finance assets increased by 13.9% to $2.88 trillion in 2019 from $2.52 trillion in 2018.
Iran, Saudi Arabia, and Malaysia rank as the top three countries by the value of Islamic finance assets and retain their positions from last year. —Agencies