Islamic Finance 2015
As the 2015 World Islamic Economic Forum (WIEF) kicks off in Kuala Lumpur, a new Islamic finance report published today by TheCityUK reveals the continued rapid worldwide growth of the industry and its significant potential for further expansion. The global market for Islamic financial services topped $2 trillion in 2014, up 12% on the previous year, and has tripled since the start of the economic slowdown in 2007. TheCityUK projects this figure to reach $3trillion by 2018, driven by a growing domestic demand in emerging markets.
The report, The UK: Leading Western Centre for Islamic Finance, also reinforces London’s pre-eminence as the leading Western centre for Islamic finance, with the UK trailblazing a number of significant industry developments. Assets of UK financial institutions offering Islamic financial services totalled $4.5bn at the end of 2014; over 20 banks in the UK – of which five are fully Sharia compliant – offer Islamic financial services, nearly double that of the US; and there are now over 100,000 Islamic finance retail customers in the UK.