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Fintech News ME
a day ago
- Business
- Fintech News ME
Global Islamic Finance Grows 14.9%, Reaches US$3.9 Trillion in Total Assets
In 2024, the global Islamic financial services industry continued to expand, growing by 14.9% year-on-year (YoY) to reach US$3.88 trillion in total assets, according to a new report by the Islamic Financial Services Board (IFSB). Growth was observed across all major sectors, including Islamic banking, Islamic insurance, and sukuk, which are Islamic financial certificates, similar to bonds in Western finance, highlighting deepening market participation, and expanding geographic reach, especially in non-traditional markets. In 2024, total assets in Islamic banking grew by 17.05%, marking a significant increase. The segment remained the cornerstone of the industry, accounting for 71.6% of Islamic finance assets. Although assets remained concentrated in mature, systemically significant jurisdictions, there were signs of growing momentum in emerging markets, particularly in Africa and Central Asia. The Islamic capital markets also delivered strong gains, driven primarily by a surge in sukuk issuance. Global sukuk issuances rose by a remarkable 25.6% to reach US$230.4 billion, making it the fastest-growing segment in 2024. Sukuk outstanding accounted for 23.3% of total Islamic finance assets, further reflecting favorable financing conditions and growing demand from both sovereign and corporate issuers Within the Islamic capital markets still, the Islamic funds industry also recorded growth, with total assets under management (AUM) increasing by 9.2% to US$193.6 billion. This increase was largely supported by robust performance in global equity markets, and marked a recovery following a decline in 2023. Islamic insurance, referred to as takaful, recorded asset growth of 16.9% and an increase of 15.4% in gross written contributions. Despite the significant increase, the industry continued to account for a small portion of the market, accounting for 1.4% of the global Islamic finance assets. The report highlights that while traditional markets continue to dominate Islamic finance, the industry is steadily expanding into non-traditional regions. As of the end-of-year 2024, the Gulf Cooperation Council (GCC) region accounted for the largest share of global Islamic finance assets at 53.1%. This was followed by East Asia and the Pacific (EAP) with 21.9%, driven by Malaysia and Indonesia's well-established Islamic finance ecosystems. The Middle East and North Africa (MENA, excluding GCC) contributed 16.9%, while other regions such as Europe and Central Asia (ECA), South Asia (SA), and Sub-Saharan Africa (SSA) held relatively small shares, but represent emerging growth frontiers. The rise of Islamic fintech In addition to traditional growth drivers, fintech is another trend that's driving structural shifts within the Islamic finance, offering new avenues for growth, efficiency, and financial inclusion. For example, digital financing platforms, including Islamic equity crowdfunding and peer-to-peer (P2P) lending, are emerging as important sources of financing, particularly for small and medium-sized enterprises (SMEs) and underserved market segments. Cryptocurrency-related activity is also growing in popularity within the Islamic finance landscape covering trading, investments, and tokenization. Examples include Rain and CoinMENA, two crypto exchanges licensed by the Central Bank of Bahrain which offer crypto trading and custodial services that meet Islamic standards. Artificial intelligence (AI) is also gaining ground in Islamic finance, with institutions increasingly deploying the technology. An IFSB survey as part of the report highlighted identity verification (67%), chatbots and virtual assistance (56%), and digital footprint analysis (44%), as the most common uses of AI among Islamic banks. Despite benefits including improved operational efficiencies, customer experiences, and new business opportunities, technology also introduces new risks. Digital financing platforms and crypto-related solutions, for example, require close attention to issues of investor protection, sufficient transparency and disclosure, and appropriate Sharia governance frameworks. Finally, the adoption of AI introduces a unique set of risks. One particular concern is the potential lack of interpretative judgment in AI systems when applied to complex Sharia rulings and jurisprudential differences across jurisdictions. Moreover, the opaque and evolving nature of AI models poses significant challenges for supervisory authorities and Sharia boards in exercising effective oversight and informed judgment. Islamic finance outlook The Islamic fintech sector was valued at US$138 billion 2024. It's projected to exceed US$300 billion by 2027. Standard Chartered projects that the global Islamic finance sector will grow by 36% between 2024 and 2028, with sukuk outstanding expected to surge 54.5% and Islamic banking by 30%. The bank, which surveyed 26 leaders from various Islamic banking providers in Q1 2025, revealed a positive outlook for the industry, with 87% of respondents holding an optimistic view of the sector over the next five to ten years. The majority expect significant growth and expansion, along with increased adoption and innovation of Islamic finance products and services. Economies including China, the Middle East, and Africa are expected to offer the greatest opportunities over the next two to three years.
Time Business News
08-05-2025
- Business
- Time Business News
7 Mistakes to Avoid When Choosing an Islamic Finance Qualification
In today's dynamic global economy, Islamic finance is more than a niche—it's a robust, ethical alternative to conventional finance, expected to reach USD 3.69 trillion by 2024, according to the Islamic Financial Services Board (IFSB). With over 1,400 institutions in more than 80 countries offering Islamic financial services, the demand for qualified professionals in this field is booming. However, the journey to becoming an expert starts with one crucial decision: choosing the right Islamic finance qualification. A poorly chosen certification can waste time, money, and opportunities. This article outlines seven major mistakes that candidates often make—and should absolutely avoid—when selecting a qualification in Islamic finance. We'll also explore why institutions like AIMS (Academy for International Modern Studies) are helping learners worldwide secure meaningful, internationally recognized careers in this field. Not all Islamic finance certifications carry the same weight across borders. Many courses lack industry validation, making them less relevant to employers. Why recognition matters: Employability: Employers prefer graduates from institutions whose qualifications are internationally endorsed. Employers prefer graduates from institutions whose qualifications are internationally endorsed. Mobility: A globally recognized certificate allows professionals to work in diverse markets like the UAE, Malaysia, and the UK. A globally recognized certificate allows professionals to work in diverse markets like the UAE, Malaysia, and the UK. Credibility: It ensures the qualification meets consistent academic and industry standards. Look for affiliations with organizations like AAOIFI, IFSPB, or CIMA. Ensure the program is offered or endorsed by globally active institutions. Explore alumni success stories and where they are now working. A qualification in Islamic finance is not just about banking—it's deeply rooted in Islamic jurisprudence. Many programs skim over this essential foundation. An ideal curriculum must: Include modules on Fiqh al-Muamalat (Islamic commercial jurisprudence). (Islamic commercial jurisprudence). Offer in-depth study of Shariah compliance , Islamic contracts , and risk management . , , and . Cover essential topics like murabaha , mudarabah , ijarah , and sukuk . Skipping this component leads to: Surface-level understanding. Inability to analyze or structure compliant products. Weak Shariah governance knowledge. AIMS, for instance, integrates comprehensive Shariah frameworks into its curriculum to ensure both academic rigor and practical application. With 60% of Islamic finance professionals already employed while pursuing further studies (as per a survey by Global Islamic Finance Forum), flexibility is not optional—it's essential. 100% online learning for convenience. for convenience. Self-paced study options for better time management. options for better time management. Modular structures, so learners can focus on one component at a time. Why it matters: Enables balancing work, study, and family. Reduces burnout and dropout rates. Allows learners to immediately apply knowledge at their jobs. Institutions like AIMS cater to working professionals by offering flexible and industry-focused Islamic finance programs that fit busy schedules. An overly theoretical program can leave learners confused when faced with real-world scenarios. Islamic finance is a practice-driven field—academic theory alone is not enough. Signs of a practice-based curriculum: Case studies on Islamic banking structures. Simulations and real-world scenarios. Assignments that require product structuring or risk assessment. Zakat calculation projects (as zakat is a kind of fiscal worship in islamic principles ). (as ). Islamic financial reporting aligned with AAOIFI standards. aligned with AAOIFI standards. Designing Shariah-compliant investment portfolios. This approach equips learners to solve problems, innovate within Islamic principles, and drive growth in institutions they serve. A qualification that ends with the final exam—and offers no career support—can make job-hunting feel like navigating a maze blindfolded. Career counseling and job placement assistance. and job placement assistance. Access to global alumni networks . . Opportunities for advanced studies or specialization . . Regular webinars with industry leaders. Programs from institutions like AIMS often include lifelong access to professional networks and industry updates, which are invaluable for career growth. Islamic finance is evolving, with rapid changes in fintech, ethical investing, and global regulations. Who teaches you matters—a lot. They've worked in Islamic banks, takaful companies, or investment firms. They participate in Shariah boards or consult in product development. They publish in peer-reviewed journals or lead industry research. Learning from seasoned practitioners offers: Real-world insights beyond textbooks. Exposure to cutting-edge trends. Practical guidance for career development. AIMS collaborates with global scholars and professionals to provide learners with mentorship and insights that extend far beyond the classroom. One-off certifications with no pathway for further learning can trap your career. The Islamic finance sector is multifaceted—banking, insurance, investments, fintech—requiring lifelong learning. Offer stackable credentials : certificate → diploma → master's. : certificate → diploma → master's. Allow transitions into research , teaching , or consultancy . , , or . Open doors to international qualifications and designations. AIMS is a leader in scalable Islamic finance education. It offers progressive levels of study, from certification to MBA-level degrees, recognized across sectors. While numerous programs exist globally, AIMS stands out for its commitment to excellence, flexibility, and real-world application. The institution's certifications are designed in collaboration with industry experts and Shariah scholars, meeting the growing demand for professionals who understand both modern finance and Islamic ethics. For anyone seeking the best islamic finance certification for international Islamic banking careers, AIMS offers not just a qualification—but a career transformation. Islamic finance focuses on ethical principles based on Shariah law. Unlike conventional finance, it prohibits interest ( riba ), speculation ( gharar ), and investments in harmful industries. Certifications in this field include these frameworks while maintaining global financial standards. Check for accreditation from bodies like AAOIFI or IFSPB. Also, investigate whether the qualification is recognized in key Islamic finance markets like the Middle East, Southeast Asia, or the UK. Absolutely. Many programs, including those from AIMS, are designed for both beginners and experienced professionals. Bridging modules help learners transition smoothly into Islamic financial concepts. Job roles include Shariah compliance officer, Islamic banker, investment analyst, product developer, and auditor. The industry has seen a 15% annual growth rate in demand for certified professionals. No. It extends to takaful (Islamic insurance), sukuk (Islamic bonds), wealth management, Islamic microfinance, and fintech innovations that align with Islamic ethics. Yes, most comprehensive programs include zakat as a key component. As zakat is a kind of fiscal worship in islamic principles, understanding it is essential for professionals managing wealth or advising clients in Islamic finance. AIMS is widely respected for combining academic credibility, real-world relevance, and a learner-friendly structure, making it a strong choice for professionals at any career stage. Making the right choice in your Islamic finance education can define your future. With a growing global need for experts who understand ethical finance, selecting the right certification isn't just a decision—it's an investment in a purpose-driven career. Avoid these seven mistakes, and you'll be well on your way to becoming a leader in the world of Islamic finance. TIME BUSINESS NEWS
Zawya
07-03-2025
- Business
- Zawya
Bank Al-Maghrib to host IFSB Annual Meetings and side events in Morocco
Kuala Lumpur, Malaysia – The Islamic Financial Services Board (IFSB) will hold its 2025 Annual Meetings, along with key industry side events. Hosted by Bank Al-Maghrib (Central Bank of Morocco), the 46th Council Meeting, 23rd General Assembly, and side events will take place from 1 to 3 July 2025 in Rabat, Morocco. IFSB's side events will engage IFSB members and other key players in Islamic finance, focusing on strengthening resilience and governance, addressing structural vulnerabilities, and facilitating the sharing of experiences. The programme includes: 23rd Islamic Financial Stability Forum, themed ' Fortifying Stability: Addressing Structural Vulnerabilities and Building Resilience in Islamic Finance ' Credit Rating Agencies Forum, themed ' Strengthening Transparency and Market Confidence: The Role of Credit Rating Agencies in Advancing Islamic Finance Markets ' Experience-sharing Sessions, featuring presentations from IFSB's members 2nd IFSB Consultative Group Meeting, featuring discussion on the ongoing work of the IFSB, emerging global regulatory priorities and areas of potential future standard-setting work of the IFSB Two (2) Industry Workshops, focusing on Liquidity Risk Management, Corporate Governance, and Shari'ah Governance Framework The IFSB 46th Council Meeting and 23rd General Assembly will be chaired by H.E. Abdellatif Jouahri, Governor of Bank Al-Maghrib and IFSB Chairman for 2025. These high-level meetings, bring together central bank governors, regulatory and supervisory agencies heads, international organisations, and industry leaders to discuss IFSB's strategic direction and ongoing works. The media is invited to attend and cover press conferences and side events. For enquiries, please contact the IFSB Secretariat at ifsb_sec@ and visit for more event and registration updates. About the Islamic Financial Services Board (IFSB) The IFSB is an international standard-setting organisation that promotes and enhances the soundness and stability of the Islamic financial services industry by issuing global prudential standards and guiding principles for the industry, broadly defined to include banking, capital markets and insurance sectors. The IFSB also conducts research and coordinates initiatives on industry-related issues, as well as organises roundtables, seminars and conferences for regulators and industry stakeholders. Towards this end, the IFSB works closely with relevant international, regional and national organisations, research/educational institutions and market players. The members of the IFSB comprise regulatory and supervisory authorities, international inter-governmental organisations and market players, professional firms and industry associations. For more information about the IFSB, please visit
Zawya
05-02-2025
- Business
- Zawya
IFSB appoints former IMF Expert Abdullah Haron as Deputy Secretary-General
Kuala Lumpur, MALAYSIA – The Islamic Financial Services Board (IFSB) has appointed Abdullah Haron as Deputy Secretary-General, effective 4 February 2025. A highly respected financial expert, Abdullah brings over three decades of experience in financial regulation, risk management and Islamic finance, with a career spanning the International Monetary Fund (IMF), the Central Bank of the UAE, Bank Negara Malaysia (BNM) and the IFSB. As a Senior Financial Sector Expert at the IMF, Abdullah managed technical assistance initiatives and oversaw the implementation of Financial Sector Stability Reviews (FSSR) follow up for selected member countries. He participated in the Financial Sector Assessment Program (FSAP), Article IV surveillance, and played a key role in shaping the IMF's approach to Islamic banking activities. Prior to the IMF, he was a Reviewer in the Banking Supervision Department at the Central Bank of the UAE, where he helped establish the Higher Sharī'ah Authority and integrate Islamic finance into the national prudential framework. Abdullah previously served as Assistant Secretary-General at the IFSB from 2003 to 2013. As one of the founding team's leaders, he was instrumental in developing the IFSB's pioneering regulatory standards and leading key initiatives in global Islamic finance regulation. His career began at BNM in 1991, followed by leadership roles in market risk management in other banks including Maybank, Standard Chartered Malaysia, and the Arab-Malaysian Merchant Bank in Malaysia. Abdullah holds an MBA from Ohio University and a Bachelor's degree Liberal Arts and Science (Actuarial Science) from the University of Illinois Urbana-Champaign. For more information on the IFSB, visit About the Islamic Financial Services Board (IFSB) The IFSB is an international standard-setting organisation that promotes and enhances the soundness and stability of the Islamic financial services industry by issuing global prudential standards and guiding principles for the industry, broadly defined to include banking, capital markets and insurance sectors. The IFSB also conducts research and coordinates initiatives on industry-related issues, as well as organises roundtables, seminars and conferences for regulators and industry stakeholders. Towards this end, the IFSB works closely with relevant international, regional and national organisations, research/educational institutions and market players. The members of the IFSB comprise regulatory and supervisory authorities, international inter-governmental organisations and market players, professional firms and industry associations. For more information about the IFSB, please visit IFSB Media Contact: Nor Atiqah/ Ammar KhairiEmail: nor. atiqah@ cap@
