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Islamic finance assets ‘to hit $7.5trln by 2028’

Global Islamic finance assets will reach $7.5 trillion by 2028, up from $5.5trn in 2024, reflecting the rapid expansion and growing relevance of Shariah-compliant finance in global markets, says Standard Chartered’s new report on Islamic banking. The report, titled ‘Islamic Banking for Financial Institutions: Unlocking Growth Amidst Global Shifts’, confirms that in 2024, the Islamic finance industry surpassed a major milestone, reaching $5trn in global assets. This represents a 12 per cent rise from 2023 and a 43pc increase from 2020. ‘Islamic Banking’ is the largest contributor to the Islamic Finance industry and remains the engine of growth, accounting for over 70pc of total Islamic finance assets. ‘Islamic Banking’ assets are expected to grow from $4trn in 2024 to $5.2trn by 2028. Meanwhile, the Sukuk market is set to rise from $971 billion to nearly $1.5trn over the same period. Khurram Hilal, CEO, Group Islamic Banking, Standard Chartered, said: “Islamic finance is entering a new era that is defined by scale, sustainability, and strategic integration. A 36pc projected increase in assets reflects the sector’s strong fundamentals and global appetite for ethical and inclusive finance. At Standard Chartered, we are proud to support this evolution through tailored, Shariah-compliant solutions in over 25 markets.”