IslamicFinance.de

The Shariah-compliant banking sector in Malaysia, already among the largest in the world by assets, is forecast to grow at an average annual rate of 18% over the next years to reach a value of $296.26bn in 2019. This is the prognosis contained in the Malaysia Islamic Finance Report 2015 revealed at a press conference in Kuala Lumpur on June 30. The report, commissioned by Malaysia’s CIMB Islamic and produced in partnership with Jeddah-based Islamic Research and Training Institute (IRTI), the General Council for Islamic Banks and Financial Institutions based in Manama, Bahrain and Thomson Reuters, also projects that takaful contributions in Malaysia will grow at an average 18.2% year-on-year to reach a market share of 17.96% of total insurance premiums by 2019, equal to $5.51bn.