The $2.6 trillion global Islamic finance industry, which is getting popular among non-Muslims also, will see a major surge in demand in the next five years from young high networth individuals, according to a report.
Individuals aged 25-50 will be the key driver of demand, and are forecast to account for more than half (55 per cent) of this increase, versus 33 per cent from family offices and 12 per cent from institutions, said the report commissioned by Jersey Finance and Hubbis. At present, it is those aged 50-70 who use Islamic wealth management products/solutions the most, accounting for 59 per cent of the total.
The report, The Evolution of Wealth Management in the World of Islamic Finance 2019, said most of the demand is likely to come from the GCC/Middle East, followed by Asia, particularly Indonesia and Malaysia, and also from Africa.
Today, Malaysia leads the ranks as the largest Islamic finance hub, Dubai is noted as the second 'most sought-after jurisdiction', followed by Jersey in third.