posted by Christopher W. Holton
Shariah finance assets grew by 10 percent to reach $2 trillion in 2015, according to a new report by Thomson Reuters.
Shariah banking represented 73 percent of that figure, followed by sukuk (Shariah bonds) which represented 17 percent, said the initial findings of ICD Thomson Reuters Islamic Finance Development Indicator (IFDI 2016).
According to Thomson Reuters’ projections, Shariah finance assets are projected to grow to $3.2 trillion by 2020, with Shariah banking reaching $2.6 trillion.
Saudi Arabia, Iran and Malaysia lead Shariah banking by holding almost 65 percent of global Shariah assets in 2015, reflecting significant concentration within the top three countries.
The report added that the sukuk market on the other hand has struggled in the past couple of years due to the global economic uncertainty. The sukuk market dropped significantly to $66 billion in 2015 from $101.8 billion the previous year
It is notable that two of the top three countries listed, Iran and Saudi Arabia, have extensive involvement in funding Jihadist terror around the world.