Consolidation will continue to shape the market across Europe, the Middle East, and Africa next year, particularly among smaller Islamic banks with weaker franchises
Islamic Finance
UAE’s non-oil sector drives Islamic finance expansion: S&P
The country’s insurance sector, both conventional and Islamic, is projected to expand by 15 to 20 percent, driven by economic performance and infrastructure projects
Islamic financing to outpace conventional banking in GCC amid rising demand, Moody’s reports
The global rating agency predicted further growth for Islamic financing in the region through mergers
UAE’s National Bonds expands Al Manassah sukuk trading platform with United Arab Bank partnership
Since its inception in 2013, Al Manassah platform has processed AED189 billion worth of transactions, with more than AED27 billion facilitated in 2023
Blockchain network HAQQ reveals plans for gold-backed stablecoin, tokenised sukuk to boost Islamic interbank market
The move comes close on the heels of the UAE central bank approving issuance of stablecoin regulation
UAE-based ruya Bank CEO expects Islamic finance boom driven by ‘ethical consumerism’
The digital upstart is tapping into the UAE’s position as the world’s 4th-largest Islamic finance hub, with the sector’s assets comprising 23% of total banking assets in the country
Global Islamic finance market would reach $4.9 trillion by 2025: Malaysian Trade Commissioner
The Islamic finance sector is expected to grow by around 10% globally in 2023 and 2024, according to earlier estimates by S&P Global Ratings
Crypto and Shariah compliance: Experts weigh in
Once seen as contradictory to Islamic beliefs, crypto is now being structured in forms that adhere to religious guidelines
Fintech propels Islamic banking to $4 trillion: Report
The report also said countries such as the UK, Russia, Kazakhstan, and Australia are poised to set new standards in Islamic banking
Worldwide Islamic banking assets worth $4tn, set for massive growth
Islamic banking assets could rise to $5tn by 2025 say analysts
Saudi Arabia, Kuwait to fuel 10% annual growth in Islamic finance sector: Report
S&P forecasts around 10 percent aggregate growth across the Islamic finance industry between 2023-2024
Arab countries account for 60% of global Islamic financial industry
Arab countries boost $3tn Islamic financial industry
Global Islamic finance industry continues its growth path
In 2022, the Islamic finance industry continued to expand, with assets up by 9.4 percent compared with 12.2 percent in 2021, supported by growth in banking assets and the sukuk industry.
UAE Islamic bank assets reach $169.1bn
Islamic banks operating in the UAE saw a steady increase over the course of the past year
Islamic Coin: World’s first Sharia compliant cryptocurrency to launch in May, co-founder reveals
The world’s first Sharia compliant cryptocurrency Islamic Coin is set to launch next month
UAE Islamic bank assets hit $166bn
Sharia-compliant UAE banks grew assets to $166bn
Islamic finance industry to hit $5.9tn by 2026
Islamic finance measured at $4tn in 2021 and is set to grow