A recent study revealed that the total value of the total financial assets of Islamic finance worldwide reaches $2.43 trillion, of which $1.72 trillion is assets of Islamic banks. It is expected that these assets will increase by 56% to reach $3.8 trillion by 2023, including $2.44 trillion in assets for Islamic banks.
According to the study, global Islamic finance is heavily concentrated in the Middle East and North Africa, where the Gulf Islamic finance markets acquire a 40.3% stake, while the rest of the Middle East and North Africa region holds a share of 38.6% of the total Islamic financial assets. As for Asia, it accounts for a share of 18.7% and Africa with a share of 0.8%, while the markets of Europe, America and Australia control 1.7% of the total share.
The number of clients of Islamic banks is one hundred million clients globally, yet a major share of 75.12% of the potential customer base for Islamic finance remains untapped and the sector still has a large absorptive capacity as it can accommodate more customers.
Islamic banking has achieved greater growth and development than expected due to the development of its business in the financial and business world and its competition with traditional banking.
Source (Al-Dustour Newspaper-Jordan, Edited)
