Global Islamic finance assets to hit US$3.69 tril by 2024

Refinitiv said the Islamic banking sector contributed the bulk of the global Islamic finance assets which grew 14 per cent in 2019, equating to US$1.99 trillion in global assets.

KUALA LUMPUR: Global Islamic finance assets are forecast to reach US$3.69 trillion (US$1=RM4.05) by 2024, according to the 2020 Islamic Finance Development Report released by Refinitiv and the Islamic Corporation for the Development of the Private Sector (ICD) today.

The global Islamic finance assets increased by 14 per cent year-on-year to US$2.88 trillion in 2019, with the Gulf Cooperation Council (GCC) reaching US$1.2 trillion, followed by the Middle East and North Africa at US$755 billion (excluding the GCC), and Southeast Asia recording US$685 billion.