Assets in the Islamic Finance industry topped $2.5 trillion last year according to a recently released report.
The research, published by the Islamic Corporation for the Development of the Private Sector (ICD) and data vendor, Refinitiv, shows that assets grew by 3% in 2018 – up from $2.4 trillion.
And while this was a slower rate of growth than in previous years, the report states that the increase in assets is especially notable in markets where the wider economy has stagnated.
“Despite the stressed global economic environment and sluggish growth which are impacting the industry, we have found the dynamics in the industry are changing,” said Ayman Sejiny, ICD chief executive.
“Sukuk are leading the industry’s growth with global issuance since its introduction surpassing $1 trillion and continuing to grow.”
Islamic funds, however, declined in 2018 to $108 billion in assets after enjoying strong growth the previous year. According to the ICD, this was due to the weaker performances of the funds in line with the global economic slowdown.
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