Islamic finance assets forecast to be worth $3.2trn by 2020

According to a new report by Thomson Reuters, Islamic finance assets grew by 10% to reach $2 trillion in 2015. Islamic banking represented 73% of these assets, followed by sukuk which represented 17%. The increase in assets was driven by strong growth in all sectors - Islamic banking, takaful, outstanding sukuk and net value of Islamic funds. Islamic finance assets are projected to grow to $3.2 trillion by 2020, with Islamic banking reaching $2.6 trillion. The report added that the sukuk market on the other hand has struggled in the past couple of years due to the global economic uncertainty. Total issuance is expected to be around $70 billion by end of 2016.