According to a recent state of the global Islamic economy report, the value of Islamic finance assets increased by 13.9% to $2.88 trillion in 2019 from $2.52 trillion in 2018. Iran, Saudi Arabia, and Malaysia rank as the top three countries by the value of Islamic finance assets and retain their positions from last year. Due to the impact of the COVID-19 crisis, the value of Islamic finance assets is expected to show no growth in 2020, but is expected to rebound and grow at a CAGR of 5% from 2020 onwards to reach $3.69 trillion by 2024.
The implementation of financial technology in Islamic finance has been increasing, including in the digitalization of Islamic financial services and the issuance of fintech related sukuk. This creates an opportunity for fintech companies to further their expansion by providing Islamic financial services. For investors, there are now even more investment avenue options.