WORKING HOURS

9:00am to 06:30pm

CALL US

+91 11 29945946

MAIL US

info@icif.in

Islamic finance assets to reach US$3.2t by 2020, says Thomson Reuters

KUALA LUMPUR: The global Islamic finance assets are projected to grow to US$3.2 trillion (RM13.6 trillion) by 2020, says Thomson Reuters, the world’s leading provider of intelligent information for businesses and professionals.

Its Head of Islamic Finance, Mustafa said the global halal food and lifestyle sector, whose consumption stood at US$1.8 trillion in 2014, was projected to increase to US$2.6 trillion by 2020. — Reuters picKUALA LUMPUR, Nov 4 — The global Islamic finance assets are projected to grow to US$3.2 trillion (RM13.6 trillion) by 2020, says Thomson Reuters, the world’s leading provider of intelligent information for businesses and professionals.

Its Head of Islamic Finance, Mustafa Adil said Islamic finance was considered the most developed sector within the various pillars of the Islamic economy and its growth in the global industry was broadly measured by the value of Islamic finance assets.

“In 2014, Islamic finance assets totalled US$1.8 trillion, with Islamic banking representing 74 per cent of this, followed by sukuk at 16 per cent,” he said on the sidelines of the 11th World Islamic Economic Forum (WIEF), here today.

He said the information were based on Islamic Corporation for the Development of the Private Sector (ICD) Thomson Reuters Islamic Finance Development Indicator 2015.

“According to Thomson Reuters’ projections, Islamic finance assets are projected to grow to US$3.2 trillion by 2020, with Islamic banking reaching US$2.6 trillion,” he added.

As global acceptance of Islamic finance continues to grow, he said more corporates and non-Muslim sovereigns were announcing Islamic finance initiatives such as ethical finance or Shariah-compliant regulations, as well as sukuk issuances.

The increased appetite demonstrates that the investors are attracted to the benefits surrounding the ethical principles of Islamic finance, linking finance to physical assets, productive fiscal activities and real economic growth.

On another area, Mustafa said the global halal food and lifestyle sector, whose consumption stood at US$1.8 trillion in 2014, was projected to increase to US$2.6 trillion by 2020, according to findings from the ‘State of the Global Islamic Economy Report 2015/2016’ that the company also introduced at the 11th WIEF.

“The halal food sector, with current consumption of US$1.13 trillion, is expected to grow to US$1.56 trillion by 2020, with the demand for ethical treatment of animals alone resulting in a US$100 billion organic food market,” he said.

Mustafa also gave an introduction to Salaam, the global Islamic economy gateway, that was launched at the Global Islamic Economy Summit in Dubai in October this year.

The website address is http://www.salaamgateway.com and 90 per cent of its contents could be accessed for free, he said. — Bernama
Posted Date : 08 November 2015

News Updates

  • SEMINAR ON ESTABLISHMENT OF ISLAMIC BANKING IN KASHMIR

    A one-day seminar on “Interest-Free Finances” was held on 8th February 2018 at the Scholars School Natipora Srinagar. The seminar was organized by Islamic Banking Kashmir (IBK) in collaboration with Crescent Co-operative Ltd. (CCL) Kashmir. At the outset the co-ordinator of the seminar...

    Read More
  • JK TO ESTABLISH PANCHAYAT BANK

    JK TO ESTABLISH PANCHAYAT BANK Move aimed at cooperatives, rural banks’ revival           Faisul Yaseen Jammu, Feb 5: As the regional rural banks and cooperative banks continue to be in a bad shape, the government has decided to give a f...

    Read More
  • REALIZING SDG AGENDA 2030

    REALIZING SDG AGENDA 2030 UNDP targets Zakat & Islamic Finance Dr Raja Muzaffar Bhat ,Srinagar, Feb 2 2018 In order to end poverty and to ensure global prosperity, the UN member countries in one voice adopted Sustainable Development Goals (SDG) on September 25th 2015. There are 17 goal...

    Read More
  • DEBT & INTEREST CRISIS IN ECONOMIC DEVELOPMENT

    “DEBT & INTEREST CRISIS IN ECONOMIC DEVELOPMENT” NATIONAL SEMINAR ON ISLAMIC ECONOMICS organised jointly by Chair for Islamic Studies and Research , University of Calicut  and Institute for Islamic economics and finance research (IIEFR) On  February 14th and 15th  ...

    Read More
  • International Zakat Conference Kerala - 2018

    International Zakat Conference Kerala - 2018 Baithuzzakath Kerala organizes an international Zakat conference from April 27-29 in Ernakulum , to highlight and dessiminate the social development aspects and societal relevance of the Institution of Zakat in Islam. Organized Zakat instit...

    Read More
  • WITH GOVT SAYING NO TO ISLAMIC BANKING, WHAT OPTIONS DO THE MUSLIMS HAVE?

    One of the most contentious issues that have vexed the minds of Muslims is the concept of interest in the modern-day economy. The Muslim clerics (Ulema) have exhibited an ambivalent stand on major issues concerning Islamic finance, and on most occasions preferred to diplomatically deflect question...

    Read More
  • DROPPING THE IDEA OF ISLAMIC BANKING IN INDIA WILL LEAVE MILLIONS SHORTCHANGED

    There is an air of finality and inevitability to the Reserve Bank of India’s (RBI) recent decision to rule out introducing Islamic banking in India. It appears that just the presence of the word “Islamic” is reason enough to surmise that the Modi government – and ideol...

    Read More