Center of Islamic Banking and Economics Press Release Islamic Finance Volume Expected to Hit $2.5 Trillion in 2019: Zubair Mughal The total volume include the share of Islamic Banking 81%, Takaful 2%, Sukuk 11%, Islamic Microfinance 1% and others 5% Lahore (31-12-2018): Unfortunately, 2018 is not proved as much beneficial for Global Islamic Banking and Finance Industry as expected because of various reasons which include Middle East political situation, sharply down in oil prices, and international trade wars between two power. By expressing his view, Zubair Mughal- Chief Executive Officer of AlHuda Center of Islamic Banking and Economics, said that 2019 is starting with high hopes for Islamic banking and finance industry and its volume is expected to reach at $2.5 Trillion in the year 2019. The total share of Islamic banking industry within Islamic Finance industry would be 81%, while Takaful, Sukuk, and Islamic microfinance have share of 2%, 11%, and 1% respectively of the total volume. Whereas, Islamic stock markets, Ijarah companies, Islamic REIT’s etc. has 5% share of total Islamic Finance industry. By analyzing different Islamic financial markets he said: Islamic banking and financial industry growth will continue at the precedent percentage and more new institutions will start their operations in Islamic banking. The average growth of the industry will remain the same in Middle East. He further discussed about the status of Islamic financial industry in Africa and said that in East Africa, Tanzania and Kenya are expected to introduce and enhance regulatory framework for Islamic financial industry and It will have direct positive effect for the growth of the industry. Moreover, Uganda and Ethiopia would also be claiming the same growth. Whereas, in West Africa, Nigeria and Senegal will record the growth of the industry by enhancing the market base of Islamic microfinance and Islamic bonds (Sukuks) and in North Africa, the Moroccan Islamic financial industry will emerge. He further said, French speaking countries are taking more interest in Islamic banking and finance phenomenon and in 2019, Ivory Coast, Burkina Faso, Mauritania, Cameroon, Chad, Male, Algeria, Niger etc. are expected to grow in Islamic banking industry, The reason behind this growth in the Francophone countries is also the interest of Islamic Development Bank’s (IsDB) projects in which financing will be made on Islamic banking rules. Zubair Mughal further express his views that the Islamic banking and finance demand in Malaysia, Indonesia, Pakistan and Bangladesh in Asia will increase due to their religious attachments. Pakistan’s new Government moto “Riyasat e Madina” will attract Islamic banking and finance in more attractive
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