IslamicFinance.de

The Islamic Corporation for the Development of the Private Sector (ICD) released the seventh edition of the Islamic Finance Development Report at the Indonesia Shariah Economic Festival 2019. According to the report, the Islamic finance industry’s assets grew to $2.5 trillion in 2018 from $2.4 trillion in 2017, a rise of 3%. This growth slowed from previous years and this was particularly noticeable in the industry’s main markets. Malaysia, Bahrain and the UAE continue to spearhead developments in the industry, while Uzbekistan, Ethiopia, Cyprus and Indonesia are among the biggest gainers in the rankings. Despite the slower growth, new banks and markets continue to enter the market, as seen in Ethiopia, Algeria and Afghanistan. Also, new liquidity tools are being developed to help grow existing Islamic banking markets, as seen in Oman, the UK and Pakistan.