Islamic banking witnessed slow pace in Arab region during 2016

Due to sharp declining trend in oil prices, slow economic pace and Arab spring, the trend of the Islamic Banking & Finance had been slow in 2016 in the Middle East and Arab region. A sufficient development was recorded in Africa, Central Asia and Far East, especially in the African market. Indonesia, Malaysia, Turkey, Pakistan, UAE, Qatar, Saudi Arabia, Kuwait and Bahrain are prominent where the contribution of their total assets of Islamic banking is 82% to the Global Islamic Banking market. According to a research by CIBE CEO Zubair Mughal, there will be a steady growth of approximately 13% to 15% in Islamic finance market during 2017 and the total volume of Islamic finance will cross $3 trillion figure by 2020, which will be accompanied by a definite addition of Sukuk along with Islamic banking. While the Sukuk market in Malaysia, Pakistan, UAE, Turkey, Central Asian countries and Africa seem determined in 2017.