Experts in recent assessments are likely to achieve strong growth during this year, as the growing momentum of the sector, in parallel with its large spread and achieving huge profits annually for financial institutions around the world, encourages to bet on it more.
The industry, which has begun to take an upward trend in a few years, is an important tool to stimulate the economies of developing countries by investing in financing sustainable development projects.
Rating agency Standard & Poor's expects the sector to grow by about 10 percent globally in 2023, and the same in 2024, after expanding similarly last year excluding Iran. It is estimated that the volume of Islamic banking worldwide, where more than seventy countries allow dealing with this financing, reached about $ 3.7 trillion by the end of last year.
Source (Al-Arab London Newspaper, Edited)
