SGIE Report 2023/24: Islamic finance on a tear
Islamic finance, as a sector, has continued to experience promising growth, underpinned by demand for Shariah-compliant products, partnerships, and innovative initiatives.
The sector has been on a tear last year, with a stream of investments, mergers and acquisitions (M&A), as well as market expansions and trade finance commitments.
According to the State of the Islamic Economy (SGIE) Report 2023/24, global Islamic assets were valued at $3.96 trillion during 2021/2022, increasing 17% increase from a $3.37 trillion valuation during the 2020/2021 period. The momentum is expected to continue, with global Islamic assets forecast to reach $5.94 trillion by 2025/26, growing at a CAGR of 9%.
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