Global Islamic finance assets to top $7.5 trillion by 2028
Global Islamic finance assets will reach $7.5 trillion by 2028, up from $5.5 trillion 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 $5 trillion in global assets. This represents a 12% rise from 2023 and a 43% increase from 2020.
'Islamic Banking' is the largest contributor to the Islamic Finance industry and remains the engine of growth, accounting for over 70% of total Islamic finance assets. 'Islamic Banking' assets are expected to grow from $4 trillion in 2024 to $5.2 trillion by 2028. Meanwhile, the Sukuk market is set to rise from $971 billion to nearly $1.5 trillion 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 36% 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.'
The comprehensive report provides financial institutions with strategic insights covering the Islamic finance landscape and insights from the "Pulse of Islamic Banking" client survey 2025. It examines growth drivers including regulatory developments and market expansion opportunities, while addressing challenges related to regulation, liquidity, and risk management.
The report also explores market oversight frameworks, innovation pathways, and ESG integration, supplemented by market spotlights featuring real-world solution case studies.
Khurram concluded: 'Fostering innovation, strengthened market connectivity, and an elevated focus on sustainability will unlock the greatest opportunities in the future of Islamic finance. We aim to play a pivotal role in this future, collaborating, adapting, and delivering value to our clients and communities globally.'
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