2023 was the year the Islamic finance industry was close to achieving a significant milestone the US$5 trillion mark, according to the Islamic Finance Development Indicator (IFDI).

The Islamic Finance Development Indicator (IFDI) charts another strong year for the Islamic finance industry that was driven by an 11% growth to US$4.9 trillion in assets in 2023. Much of this growth is thanks to the continued commitment by different stakeholders that make up its ecosystem, including financial institutions, regulators and educators as noted across the report.

The IFDI report assesses the global industry's performance during 2023 and demonstrate the transformation of the Islamic finance industry in the decade from a niche market to mainstream in many countries and regions. The underlying indicator for the report drives the analysis from 136 countries statistics around the world across five indicators financial performance, governance, knowledge, sustainability, and awareness. We have also introduced some changes to the underlying IFDI model to better reflect the industry’s developments.

The report is launched in partnership with the Islamic Corporation for the Development of Private Sector (ICD) of the Islamic Development Bank Group.

The data includes over 1,900 Islamic financial institutions including Islamic banks and takaful operators along with sukuk, Islamic funds and Shariah scholars for different countries around the globe.

Source: ZAWYA