RIYADH: Global Islamic finance assets are projected to climb to $9.7 trillion by 2029, up from $5.98 trillion at the end of 2024, driven by expanding banking, sukuk, and takaful markets, a new analysis showed.
According to a report from the London Stock Exchange Group and the Islamic Corporation for the Development of the Private Sector, a member of the Islamic Development Bank, the outlook implies an average annual growth rate of 10 percent over the five-year period.
The report shows that Iran, Saudi Arabia, and Malaysia account for $4.3 trillion, or about 72 percent, of total Islamic finance assets worldwide. Iran leads with $2.24 trillion, followed by Saudi Arabia with $1.31 trillion and Malaysia with $761 billion.
In April, a report from S&P Global highlighted Saudi Arabia’s pivotal role in driving global Islamic finance growth in 2025, supported by non-oil economic expansion and strong sukuk issuance.
Mustafa Adil, head of Islamic Finance at LSEG, said: “Looking ahead, the industry will be shaped by cross-border connectivity, regulatory advancements, and strategic national initiatives.”
