Study Id72323 Islamic Financial Sector

Islamic financial sector
ISLAMIC FINANCIAL SECTOR
Table of Contents
Table of Contents
01 Global overview
Distribution of Islamic financial asset value worldwide in 2019, by country 02
IFDI value score of leading Islamic finance markets worldwide 2020 03
Scores of the Islamic Finance Country Index in the MENA region 2019, by country 04
Average FRDI score of the central Shariah board in 2019, by country 05
02 Islamic banking
Value of Islamic banking assets worldwide 2012-2019 07
Leading countries in Islamic banking assets worldwide 2019, by value 08
Number of Islamic banks worldwide 2019, by type 09
Fastest growing sharia compliant banks worldwide 2019 10
03 Sukuk - Islamic bonds

Value of sukuk issuance worldwide 2016-2018, by type 12
Table of Contents
Value of sukuk outstanding worldwide 2018, by region 13

Number of sukuk issued worldwide 2019, by structure 14
Share of sovereign sukuk issuance in the MENA region 2018, by country 15
04 Takaful - Islamic insurance

Distribution of participation insurance companies worldwide 2018, by region 17
Number of takaful operators worldwide 2019, by type 18
Value of takaful assets worldwide 2012-2019 19
Value of the takaful contributions of global IFSI worldwide 2019, by region 20
05 Islamic funds
Islamic funds outstanding value worldwide 2018, by universe 22
Value of Islamic funds outstanding worldwide 2019, by country 23
Distribution of global Islamic fund assets 2018, by asset class 24
Distribution of global Islamic fund assets 2019, by domicile 25
Table of Contents
Global overview
Distribution of Islamic financial asset value worldwide in 2019, by country (in billion U.S. dollars)
Distribution of Islamic financial asset value worldwide in 2019, by country
Value of assets in billion U.S. dollars
0 100 200 300 400 500 600 700 800
Iran 698
Saudi Arabia 629
Malaysia 570
United Arab Emirates 234
Qatar 144
Kuwait 132
Indonesia 99
Bahrain 96
Turkey 63
Bangladesh 45
Note(s): Bahrain, Bangladesh, Indonesia, Iran, Kuwait, Malaysia, Qatar, Saudi Arabia, United Arab Emirates, Turkey; 2019
Further information regarding this statistic can be found on page 27.
2 Source(s): ICD; ID 1090863 Global overview
Islamic Finance Development Indicator value score of leading Islamic finance markets worldwide in 2020
IFDI value score of leading Islamic finance markets worldwide 2020
IFDI value score
0 20 40 60 80 100 120
Malaysia 111
Indonesia 72
Bahrain 67
Saudi Arabia 64
Jordan 53
Pakistan 51
Oman 45
Kuwait 43
Qatar 38
Brunei Darussalam 36
Maldives 34
Nigeria 32
Sri Lanka 30
Syria 23
Note(s): Worldwide; 2020

Scores of the Islamic Finance Country Index (IFCI) in the Middle East and North Africa region (MENA) in 2019, by
country
Scores of the Islamic Finance Country Index in the MENA region 2019, by country
IFCI score
0 10 20 30 40 50 60 70 80 90
Iran 79.03
Saudi Arabia 60.65
Sudan 55.71
United Arab Emirates 45.31
Kuwait 40.9
Bahrain 30.09
Qatar 29.88
Turkey 20.77
Oman 19.21
Jordan 18.33
Egypt 11
Morocco 5.3
Tunisia 4.09
Lebanon 3.3
Algeria 2.01
Note(s): Algeria, Bahrain, Iran, Jordan, Kuwait, Lebanon, Morocco, Oman, Qatar, Saudi Arabia, Sudan, Syria, United Arab Emirates, Tunisia, Turkey, Egypt, Yemen, MENA,
Palestinian territories; 2019
4 Source(s): Cambridge IIF; ID 1092266 Global overview
Average Financial Reporting Disclosure Index (FRDI) score of the central Shariah board worldwide in 2019, by country
Average FRDI score of the central Shariah board in 2019, by country
Index score
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
Palestine 78%
Sri Lanka 68%
Nigeria 68%
South Africa 64%
Syria 61%

Islamic banking
Value of Islamic banking assets worldwide from 2012 to 2019 (in trillion U.S. dollars)
Value of Islamic banking assets worldwide 2012-2019
2.5
1.99
2.0
1.73 1.75
1.67
1.6
Value in trillion U.S. dollars
1.56
1.5 1.44
1.3
1.0
0.5
0.0
2012 2013 2014 2015 2016 2017 2018 2019
Note(s): Worldwide; 2012 to 2019

7 Source(s): ICD; ID 1090891 Islamic banking
Leading countries in Islamic banking assets worldwide in 2019, by value (in billion U.S. dollars)
Leading countries in Islamic banking assets worldwide 2019, by value
Value in billion U.S. dollars
0 100 200 300 400 500 600 700
Iran 641
Saudi Arabia 477
Malaysia 297
Kuwait 125
Qatar 123
Bahrain 87
Turkey 49
Bangladesh 41
Indonesia 38

Number of Islamic banks worldwide in 2019, by type
Number of Islamic banks worldwide 2019, by type
Number of banks
0 50 100 150 200 250 300 350 400 450
Commercial 428
Investment 57
Wholesale 22
Specialized 19

Fastest growing sharia compliant banks with more than 500 million U.S. dollars in assets worldwide in 2019 (in billion
U.S. dollars)
Fastest growing sharia compliant banks worldwide 2019
Sharia compliant assets in billion U.S. dollars
0 5 10 15 20 25 30
Ayandeh Bank (Iran) 26.19
CityBank (Bank Shahr) (Iran) 17.84
Bank of Industry and Mine (Iran) 15
Day Bank (Iran) 7.84
Gharzolhasaneh Mehr Iran Bank (Iran) 4.24
Faisal Islamic Bank (Sudan) 4.1
Ziraat Katlm Bankas (Turkey) 4.03
Farmers CommercialBank (Sudan) 0.94
Al Salam Bank (Algeria) 0.75
Gate houseBank (United Kingdom) 0.56

10 Source(s): The Banker; ID 1099430 Islamic banking
Sukuk - Islamic bonds

Value of sukuk issuance worldwide from 2016 to 2018, by type (in billion U.S. dollars)
Value of sukuk issuance worldwide 2016-2018, by type
Corporate Sovereign*
76.11
68.99
59.4
Value of sukuk in billion U.S. dollars
24.44
15.4 15.75
2016 2017 2018

12 Source(s): IFSB; ID 1099465 Sukuk - Islamic bonds
Value of sukuk outstanding worldwide in 2018, by region (in billion U.S. dollars)
Value of sukuk outstanding worldwide 2018, by region
0 50 100 150 200 250 300
Southeast Asia 270
GCC 168
Europe 13
South Asia 7
Other MENA 6
Other Asia 3
Sub-Saharan Africa 2
Americas 0.27

13 Source(s): ICD; ID 1092283 Sukuk - Islamic bonds
Number of sukuk issued worldwide in 2019, by structure
Number of sukuk issued worldwide 2019, by structure
Number of sukuk outstanding
0 50 100 150 200 250 300 350
Murabaha 308
Ijara 293
Mudaraba 235
Other sukuk 229
Hybrid sukuk 225
Salam 156

14 Source(s): ICD; ID 1092189 Sukuk - Islamic bonds
Share of sovereign sukuk issuance in the Middle East and North Africa region in 2018, by country
Share of sovereign sukuk issuance in the MENA region 2018, by country
47.03%
Share of sovereign sukuk issuance
31.94%
7.45%
5.31%
4.38%
3.36%
0.38% 0.15%
Saudi Arabia Turkey Oman Bahrain United Arab Emirates Qatar Morocco Other
Note(s): Bahrain, Morocco, Oman, Qatar, Saudi Arabia, United Arab Emirates, Turkey, MENA; 2018
15 Source(s): IFSB; ID 1099486 Sukuk - Islamic bonds
Takaful - Islamic insurance

Distribution of participation insurance companies worldwide in 2018, by region
Distribution of participation insurance companies worldwide 2018, by region
Sub-Saharan Africa 3%
South Asia 14%
South East Asia 30%
Middle East and North

Africa (MENA) 26%
Gulf Cooperation Council

(GCC) 27%

17 Source(s): Tasarruf Akademi; Various sources (IFSIR); ID 1092318 Takaful - Islamic insurance
Number of takaful operators worldwide in 2019, by type
Number of takaful operators worldwide 2019, by type
Number of takaful operators
0 20 40 60 80 100 120 140
General 124
Composite 115
Family 76
Retakaful 21

18 Source(s): ICD; ID 1090914 Takaful - Islamic insurance
Value of takaful assets worldwide from 2012 to 2019 (in billion U.S. dollars)
Value of takaful assets worldwide 2012-2019
60
51
50 47 48
46 46
Value of assets in billion U.S. dollars
40
36 36
31
30
20
10
0
2012 2013 2014 2015 2016 2017 2018 2019

19 Source(s): ICD; ID 1090909 Takaful - Islamic insurance
Vaue of the takaful contributions of the global Islamic financial services industry (IFSI) worldwide in 2019, by region (in
billion U.S. dollars)
Value of the takaful contributions of global IFSI worldwide 2019, by region
Value of contributions in billion U.S. dollars
0 2 4 6 8 10 12 14
GCC 11.7
Middle East and South Asia 11.36
South-East Asia 3.02
Africa 0.55
Others 0.44

20 Source(s): IFSB; ID 1098659 Takaful - Islamic insurance
Islamic funds
Value of Islamic funds outstanding worldwide in 2018, by type
Islamic funds outstanding value worldwide 2018, by universe
Islamic funds outstanding value
0 20 40 60 80 100 120
Mutual funds 97
Exchange traded funds 9
Insurance funds 2
Pension funds 0.37

22 Source(s): ICD; ID 1092229 Islamic funds
Value of Islamic funds outstanding worldwide in 2019, by country (in billion U.S. dollars)
Value of Islamic funds outstanding worldwide 2019, by country
0 10 20 30 40 50 60
Iran 55
Malaysia 32
Saudi Arabia 35
UK 14
Luxembourg 3
Indonesia 3
US 3
South Africa 2
Pakistan 2
Kuwait 1

23 Source(s): ICD; ID 1092260 Islamic funds
Distribution of global Islamic fund assets in 2018, by asset class
Distribution of global Islamic fund assets 2018, by asset class
45%
42.4%
40%
35%
30%
25.29%
25%
Share of funds
20%
14.52%
15%
9.49%
10%
7.3%
5%
0.95%
0.04%
0%
Equity Money market Commodity Fixed Income/Sukuk Mixed allocation Real Estate Other (alternative,
sepcialty)
Note(s): Worldwide
24 Source(s): Bloomberg; IFSB; ID 649329 Islamic funds
Distribution of global Islamic fund assets in 2019, by domicile
Distribution of global Islamic fund assets 2019, by domicile
Share of funds
0% 5% 10% 15% 20% 25% 30% 35% 40% 45%

Saudi Arabia 38.5%
Malaysia 28.1%
Iran 14.5%
Luxembourg 4.2%
United States 3.9%
Indonesia 2.9%
Pakistan 1.6%
Other 1.4%
South Africa 1.3%
Kuwait 1.2%
Ireland 0.8%
Jersey 0.5%
UAE 0.5%
Qatar 0.1%

25 Source(s): Bloomberg; IFSB; ID 649320 Islamic funds
References
Distribution of Islamic financial asset value worldwide in 2019, by country (in billion U.S. dollars)
Distribution of Islamic financial asset value worldwide in 2019, by country
Description
Source and methodology information
In 2019, the value of Islamic finance assets in Iran amounted to 698 billion U.S. dollars. In the same year, the
Source(s) ICD total Islamic finance assets amounted to 2.88 trillion U.S. dollars and the fastest growing markets worldwide
were Morocco, Tajikistan, and Nigeria.
Conducted by ICD
Survey period 2019
Region(s) Bahrain, Bangladesh, Indonesia, Iran, Kuwait, Malaysia, Qatar, Saudi

Arabia, United Arab Emirates, Turkey
Number of respondents n.a.
Age group n.a.
Special characteristics n.a.
Published by ICD
Publication date December 2020
Original source Islamic Finance Development Report 2020, page 23
Website URL visit the website
Notes: n.a.
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27 References
Islamic Finance Development Indicator value score of leading Islamic finance markets worldwide in 2020
IFDI value score of leading Islamic finance markets worldwide 2020
Description
In 2020, the Islamic Finance Development Indicator value score of Malaysia amounted to 111. In the same year,
Source(s) ICD Malaysia was a strong leader in terms of indicator value to be ranked in the first position for all indicators other
than corporate social responsibility (CSR) and governance.
Conducted by ICD
Survey period 2020
Region(s) Worldwide
Age group n.a.
Published by ICD
Notes: * Islamic Finance Development Indicator IFDI provides rankings and profiles
for different Islamic finance markets around the world, drawing on
instrumental factors grouped into five broad areas of development that are
considered the main indicators. The five main indicators for the IFDI are
weighted [...] For more information visit our Website
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28 References
Scores of the Islamic Finance Country Index (IFCI) in the Middle East and North Africa region (MENA) in 2019, by
country
Scores of the Islamic Finance Country Index in the MENA region 2019, by country
Description
In 2019, Iran had the highest Islamic Finance Country Index (IFCI) score and amounted to 79.03. The IFCI was
Source(s) Cambridge IIF initiated with the aim to capture the growth of the industry and to provide an immediate assessment of the
state of Islamic banking finance (IBF) in each country.
Conducted by Cambridge IIF
Survey period 2019
Region(s) Algeria, Bahrain, Iran, Jordan, Kuwait, Lebanon, Morocco, Oman, Qatar,
Saudi Arabia, Sudan, Syria, United Arab Emirates, Tunisia, Turkey, Egypt,
Yemen, MENA, Palestinian territories
Age group n.a.
Published by Cambridge IIF
Publication date September 2019
Original source Islamic Finance Country Index IFCI 2019, page 50
Notes: * IFCI is based on a multivariate analysis. For construction of the index, data
was collected on a number of variables, including macroeconomic indicators
of the countries included. The data was then tested to see if it contained any
meaningful information to draw conclusions from. After considerati [...] For
more information visit our Website
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29 References
Average Financial Reporting Disclosure Index (FRDI) score of the central Shariah board worldwide in 2019, by country
Average FRDI score of the central Shariah board in 2019, by country
Description
In 2019, the average Financial Reporting Disclosure Index score in Palestine amounted to 78 percent. In that
Source(s) ICD year, the average global FRDI score was 39 percent.
Conducted by ICD
Survey period 2019
Region(s) Worldwide
Age group n.a.
Published by ICD
Notes: *The Disclosure Index covers 70 items that need to be disclosed in 2018
annual or financial reports of Islamic Financial Institutions
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30 References
Value of Islamic banking assets worldwide from 2012 to 2019 (in trillion U.S. dollars)
Value of Islamic banking assets worldwide 2012-2019
Description
In 2019, the total assets of global Islamic banking amounted to about 1.99 trillion U.S. dollars. The total value of
Source(s) ICD global Islamic banking assets was projected to continue to increase.
Conducted by ICD
Survey period 2012 to 2019
Region(s) Worldwide
Age group n.a.
Published by ICD
Notes: n.a.
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31 References
Leading countries in Islamic banking assets worldwide in 2019, by value (in billion U.S. dollars)
Leading countries in Islamic banking assets worldwide 2019, by value
Description
In 2019, the Islamic banking assets in Iran amounted to 641 billion U.S. dollars. In the same year, the total
Source(s) ICD Islamic banking assets amounted to 1.99 trillion U.S. dollars and the fastest growing markets worldwide were
Morocco, Tajikistan and Nigeria.
Conducted by ICD
Survey period 2019
Region(s) Worldwide
Age group n.a.
Special characteristics including windows
Published by ICD
Notes: n.a.
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32 References
Number of Islamic banks worldwide in 2019, by type
Number of Islamic banks worldwide 2019, by type
Description
In 2019, the number of commercial Islamic banks worldwide amounted to 428 banks. In the same year, the total
Source(s) ICD assets of global Islamic banking amounted to about 1.99 trillion U.S. dollars sharing about six percent of the
total global banking assets.
Conducted by ICD
Survey period 2019
Region(s) Worldwide
Age group n.a.
Published by ICD
Notes: n.a.
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33 References
Fastest growing sharia compliant banks with more than 500 million U.S. dollars in assets worldwide in 2019 (in billion
U.S. dollars)
Fastest growing sharia compliant banks worldwide 2019
Description
In 2019, the Day Bank in Iran had the highest growth rate of about 103 percent and its assets amounted to
Source(s) The Banker about 7.84 billion U.S dollars. In the same year, the number of Islamic finance institutions continues to increase
worldwide, however, none of these new institutions spread into new territories for the geographic spread of
Conducted by The Banker sharia-compliant banking.
Survey period 2019
Region(s) Worldwide
Age group n.a.
Published by The Banker
Publication date November 2019
Original source The Banker's Top Islamic Financial Institutions 2019
Notes: n.a.
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34 References
Value of sukuk issuance worldwide from 2016 to 2018, by type (in billion U.S. dollars)
Value of sukuk issuance worldwide 2016-2018, by type
Description
In 2018, the sovereign sukuk issued accounted for the majority of the issuances and amounted to 68.99 billion
Source(s) IFSB U.S. dollars. In the same year, Malaysia was the largest sovereign issuer in the world followed by Saudi Arabia.
Conducted by IFSB
Survey period 2016 to 2018
Region(s) Worldwide
Age group n.a.
Published by IFSB
Publication date July 2019
Original source Islamic Financial Services Industry stability report 2019, page 19
Notes: Note:Only month and year were given for the publication date * Includes all
government-related entities (GREs), multilateral development banks (MDBs)
and international organizations (IOs). "GREs" refers to ukuk obligors with a
shareholding structure representing more than two-thirds (66.67%) of gove [...]
For more information visit our Website
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35 References
Value of sukuk outstanding worldwide in 2018, by region (in billion U.S. dollars)
Value of sukuk outstanding worldwide 2018, by region
Description
In 2018, the total value of sukuk outstanding in the southeast Asia region amounted to 270 billion U.S. dollars.
Source(s) ICD In the same year, the total value of sukuk outstanding worldwide amounted to 470 billion U.S. dollars. The
fastest growing markets worldwide were Kuwait, Iran and Nigeria.
Conducted by ICD
Survey period 2018
Region(s) Worldwide
Age group n.a.
Published by ICD
Notes: Sukuk: Is a financial product complying to sharia law. It is a financial

certificate comparable to a bond which allows the issuer to sell those sukuks
to investors in order to purchase and assets of which investors have a partial
ownership. The sukuk issuer is contractually bound to buy back those s [...] For
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36 References
Number of sukuk issued worldwide in 2019, by structure
Number of sukuk issued worldwide 2019, by structure
Description
In 2019, the number of sukuk issued worldwide in Murabaha amounted to 308. In the same year, the total
Source(s) ICD sukuk value outstanding amounted to about 538 billion U.S. dollars with about 3.42 thousand sukuk
outstanding.
Conducted by ICD
Survey period 2019
Region(s) Worldwide
Age group n.a.
Published by ICD
Notes: Sukuk: Is a financial product complying to sharia law. It is a financial

certificate comparable to a bond which allows the issuer to sell those sukuks
to investors in order to purchase and assets of which investors have a partial
ownership. The sukuk issuer is contractually bound to buy back those s [...] For
Back to statistic
37 References
Share of sovereign sukuk issuance in the Middle East and North Africa region in 2018, by country
Share of sovereign sukuk issuance in the MENA region 2018, by country
Description
In 2018, the sovereign sukuk issued by jurisdiction in Saudi Arabia amounted to 31.94 percent. In the same
Source(s) IFSB year, the total value of sovereign sukuk issuance worldwide amounted to 68.99 billion U.S. dollars
Conducted by IFSB
Survey period 2018
Region(s) Bahrain, Morocco, Oman, Qatar, Saudi Arabia, United Arab Emirates,
Turkey, MENA
Age group n.a.
Published by IFSB
Notes: * Only month and year were given for the publication date. * Includes all
GREs, MDBs and IOs. * MDBs and IOs for 2018 include sukuk issuances by the
IsDB, and the ICD, and the Malaysia-based IILM.
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38 References
Distribution of participation insurance companies worldwide in 2018, by region
Distribution of participation insurance companies worldwide 2018, by region
Description
In 2018, the share of participation insurance companies in Middle East adn North Africa amounted to 26
Source(s) Tasarruf Akademi; Various sources (IFSIR) percent. The Gulf Cooperation Council region has about 27 percent of the participation companies. In the same
year, the total number of participation insurance operators amounted to 306 operators.
Conducted by Various sources (IFSIR)
Survey period 2018
Region(s) Worldwide
Age group n.a.
Published by Tasarruf Akademi
Publication date June 2019
Original source Islamic Finance Report: Focus on Turkey 2019, page 20
Notes: n.a.
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39 References
Number of takaful operators worldwide in 2019, by type
Number of takaful operators worldwide 2019, by type
Description
In 2019, the number of general takaful operators worldwide amounted to 336 operators. In the same year, the
Source(s) ICD total takaful assets amounted to about 51 billion U.S. dollars with the fastest growing markets in Turkey.
Conducted by ICD
Survey period 2019
Region(s) Worldwide
Age group n.a.
Published by ICD
Notes: Takaful: Is an Islamic insurance which complies to Shariah law, wherein

members contribute money into a pool system to guarantee each other
against loss or damage. Those insurances where introduced as an alternative
to conventional insurances as they avoid interest, high risk investments and
high un [...] For more information visit our Website
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40 References
Value of takaful assets worldwide from 2012 to 2019 (in billion U.S. dollars)
Value of takaful assets worldwide 2012-2019
Description
In 2019, the total value of takaful assets amounted to about 51 billion U.S. dollars with a total of 336 takaful
Source(s) ICD operators. Turkey had the fastest growing takaful asset market in 2019. What are takaful assets? Takaful is an
Islamic insurance which operates according to Islamic law. In this type of insurance, members contribute money
Conducted by ICD into a pool system to guarantee each other against loss or damage. Those insurances were introduced as an
alternative to conventional insurances as they avoid interest, high risk investments, and high uncertainties.
Survey period 2012 to 2019 Takaful is within the global insurance sector a niche product considering that in that time period the total asset
value of the worldwide insurance sector was worth around 33 trillion U.S. dollars. Within the Islamic finance
Region(s) Worldwide sector, Takaful is not as well established as other products if considering that during the same time period the
total value of all Islamic financial assets were worth more than 1.76 trillion U.S. dollars. Takaful The majority of
Number of respondents n.a. takaful operators issue general insurances , followed by composite and life insurances. Indonesia is the leading
operator of takaful operators worldwide , followed by Saudi Arabia and Iran. The Gulf Cooperation Council
Age group n.a.
region generated the majority of takaful assets, worth over 19 billion U.S. dollars .
Published by ICD
Notes: Takaful: Is an Islamic insurance which complies to Shariah law, wherein

to conventional insurances as they avoid interest, high risk investments and
high un [...] For more information visit our Website
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41 References
Vaue of the takaful contributions of the global Islamic financial services industry (IFSI) worldwide in 2019, by region (in
billion U.S. dollars)
Value of the takaful contributions of global IFSI worldwide 2019, by region
Description
In 2018, the value of the takaful contributions of the global Islamic financial services industry (IFSI) in the Gulf
Source(s) IFSB Cooperation Council region amounted to 11.7 billion U.S. dollars. Takaful is an Islamic insurance which complies
to Shariah law, wherein members contribute money into a pool system to guarantee each other against loss or
Conducted by IFSB damage. Those insurances where introduced as an alternative to conventional insurances as they avoid
interest, high risk investments and high uncertainties.
Survey period 2019
Region(s) Worldwide
Age group n.a.
Published by IFSB
Publication date August 2020
Notes: * Data for takaful contributions assets outstanding are as at end 2018
Takaful: Is an Islamic insurance which complies to Shariah law, wherein
to convention [...] For more information visit our Website
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42 References
Value of Islamic funds outstanding worldwide in 2018, by type
Islamic funds outstanding value worldwide 2018, by universe
Description
In 2018, the value of Islamic funds outstanding worldwide by mutual funds amounted to 97 billion U.S. dollars.
Source(s) ICD According to projections for 2024, the total value of outstanding Islamic funds will amount to about 216 billion
U.S. dollars.
Conducted by ICD
Survey period 2018
Region(s) Worldwide
Age group n.a.
Published by ICD
Notes: n.a.
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43 References
Value of Islamic funds outstanding worldwide in 2019, by country (in billion U.S. dollars)
Value of Islamic funds outstanding worldwide 2019, by country
Description
In 2019, the total amount of Islamic funds outstanding in Iran amounted to 55 billion U.S. dollars. In the same
Source(s) ICD year, the total value of Islamic funds outstanding worldwide amounted to 140 billion U.S. dollars. The fastest
growing Islamic fund asset market worldwide was Iran.
Conducted by ICD
Survey period 2019
Region(s) Worldwide
Age group n.a.
Published by ICD
Notes: n.a.
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44 References
Distribution of global Islamic fund assets in 2018, by asset class
Distribution of global Islamic fund assets 2018, by asset class
Description
This statistic presents the distribution of global Islamic fund assets in 2018, by asset class. In that year, equity
Source(s) Bloomberg; IFSB funds constituted 42.4 percent of Islamic funds, in terms of value of assets. Islamic financial services Islamic
financial services are offered by Islamic banks as a substitute for traditional banking services. Islamic banks are
Conducted by Bloomberg; IFSB based on two main Islamic principles that originate from the shariah law which prevent profit from interest or
extortionate moneylending. Therefore, Islamic banks only profit by sharing profits and losses with the
Survey period 2018 borrowers and investors and prohibit interest payments. In 2019, Ayandeh Bank in Iran was the largest bank
that follows the shariah law with assets at a value of approximately 26 billion U.S. dollars. The services offered by
Region(s) Worldwide Islamic banks include Islamic banking, takaful, and Islamic capital markets such as sukuk, equity, and Islamic
funds. The Islamic services are codependent; hence the continuous development of other Islamic services is
Number of respondents n.a. essential to provide asset managers with a diverse variety of Islamic financial instruments. Islamic banking
assets The most common Islamic financial service worldwide was Islamic banking with a share of 70 percent. Its
Age group n.a.
growth in 2019 was encouraged by oil price increases and credit growth potential. In that year, the jurisdictions
with important Islamic banking sectors increased from 12 to 13, with the Gulf Cooperation Council region still
holding the largest asset share of the Islamic banking market worldwide . Iran held the most Islamic banking
Published by IFSB assets in 2019 of more than 28 percent, while Saudi Arabia followed at about 25 percent.
Original source Islamic Financial Services Industry Stability Report 2019, page 25
Notes: The source adds the following information: "There may be some overlaps
between the asset classes."
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45 References
Distribution of global Islamic fund assets in 2019, by domicile
Distribution of global Islamic fund assets 2019, by domicile
Description
In 2019, the largest share of about 38.5 percent of the Islamic fund assets worldwide were in Saudi Arabia. It
Source(s) Bloomberg; IFSB was followed by Malaysia, which had about 28 percent of the total Islamic fund assets. Islamic fund assets The
Islamic funds segment has always been less popular than other conventional funds and are still under
Conducted by Bloomberg; IFSB development with an opportunity for further growth. Many Muslim majority jurisdictions with a functioning
Islamic finance regulatory framework and banking sector still have small Islamic funds segments. They are
Survey period 2019 available in 28 jurisdictions, with five of those jurisdictions accounting for more than 90 percent of the total
assets under management. Islamic funds have a limited scale as they are mostly concentrated in Saudi Arabia,
Region(s) Worldwide Malaysia, and Iran. The Gulf Cooperation Council region held the largest value of approximately 36 billion U.S.
dollars of Islamic fund assets in 2019. The most common Islamic fund asset worldwide is equity assets. The total
Number of respondents n.a. value of assets under management of the Islamic funds sector has been increasing, supported by growth in the
equity markets. Islamic financial services Islamic financial institutions offer a variety of Islamic financial services
Age group n.a.
such as Islamic banking, sukuk, Islamic funds, and takaful. Islamic banking was the most popular service with a
share exceeding 70 percent of the global Islamic banking services worldwide. The largest Sharia`ah compliant
bank was Ayandeh Bank of Iran with assets exceeding 26 billion U.S. dollars in 2019. Further growth of the
Published by IFSB current Islamic services requires the simultaneous development of other segments of the Islamic capital market
to offer a wider range of Islamic financial instruments for assets managers.
Publication date August 2020
Original source Islamic Financial Services Industry Stability Report 2020, page 35
Notes: n.a.
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Islamic financial sector

ISLAMIC FINANCIAL SECTOR

03 Sukuk - Islamic bonds

Value of sukuk outstanding worldwide 2018, by region 13

04 Takaful - Islamic insurance

Value of assets in billion U.S. dollars

0 100 200 300 400 500 600 700 800

Saudi Arabia 629

United Arab Emirates 234

IFDI value score

United Arab Emirates 66

Note(s): Worldwide; 2020

Saudi Arabia 60.65

United Arab Emirates 45.31

0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

Sri Lanka 68%

South Africa 64%

Note(s): Worldwide; 2019

Note(s): Worldwide; 2012 to 2019

Value in billion U.S. dollars

0 100 200 300 400 500 600 700

Saudi Arabia 477

United Arab Emirates 194

Note(s): Worldwide; 2019

0 50 100 150 200 250 300 350 400 450

Note(s): Worldwide; 2019

Sharia compliant assets in billion U.S. dollars

Ayandeh Bank (Iran) 26.19

CityBank (Bank Shahr) (Iran) 17.84

Bank of Industry and Mine (Iran) 15

Day Bank (Iran) 7.84

Gharzolhasaneh Mehr Iran Bank (Iran) 4.24

Faisal Islamic Bank (Sudan) 4.1

Ziraat Katlm Bankas (Turkey) 4.03

Farmers CommercialBank (Sudan) 0.94

Al Salam Bank (Algeria) 0.75

Gate houseBank (United Kingdom) 0.56

Note(s): Worldwide; 2019

Sukuk - Islamic bonds

2016 2017 2018

Note(s): Worldwide; 2016 to 2018

Value in billion U.S. dollars

0 50 100 150 200 250 300

Southeast Asia 270

Note(s): Worldwide; 2018

Number of sukuk outstanding

0 50 100 150 200 250 300 350

Other sukuk 229

Hybrid sukuk 225

Note(s): Worldwide; 2019

Takaful - Islamic insurance

South Asia 14%

South East Asia 30%

Middle East and North

Gulf Cooperation Council

Note(s): Worldwide; 2018

Number of takaful operators

0 20 40 60 80 100 120 140