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The rise of Islamic finance: UAE's growing role in the global market

Islamic finance is experiencing unprecedented global expansion, with the industry poised to surpass an extraordinary US$4.9 trillion in 2024-growing at a remarkable 11% year-on-year (y-o-y) basis. Even more striking, projections indicate this figure could surge to an astonishing US$7.5 trillion by 2028, transforming the financial landscape worldwide. DR AZAM PASHA analyzes. The architecture of this financial landscape is driven by 1,981 Islamic financial institutions supported by 1,512 Shariah boards across 57 countries.