SGIE Report 2024/25: Islamic finance is in the ascendant, driven by investments, innovations
The Islamic finance (IF) sector experienced continued growth in 2023/24, driven by strategic investments, and innovation across multiple markets.
Islamic assets grew 9.2% to reach $4.93 trillion globally, with Islamic banking representing 72% of the pool. Islamic assets are forecasted to reach $7.53 trillion by 2027/28, at a compound annual growth rate (CAGR) of 8.9%, according to the State of the Global Islamic Economy 2024/25 Report.
Multilateral organizations played a pivotal role in facilitating this growth. The Islamic Development Bank’s (IsDB) $1.15 billion investment in Kazakhstan’s water project was complemented by $3.25 billion in sukuk issuances. An additional €500 million sukuk supported sustainable development projects globally.
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