The global Islamic finance market would reach $4.9 trillion by 2025, a senior Malaysian official said.
Yazrin Syakhairi, Malaysian Trade Commissioner, under the Trade Section of the Consulate General of Malaysia in Hong Kong (MATRADE), said the Islamic finance market is witnessing significant and rapid growth worldwide, surpassing the size of $2.2 trillion in 2022.
Speaking on the sidelines of the Asian Financial Forum (AFF) in Hong Kong, Syakhairi told WAM that the Islamic finance sector is expected to grow by around 10 percent globally in 2023 and 2024, according to earlier estimates by S&P’s (Standard and Poor’s) Global Ratings.
Syakhairi also said the AFF, the largest financial event currently taking place which is associated with the financial services industry, is a good opportunity to highlight other financing tools such as Sukuk or Islamic bonds, in addition to the prevailing global trend towards green finance.
These instruments can then be listed on financial markets in Hong Kong, Dubai, and Kuala Lumpur, he said.
In response to a question about cooperation between the UAE and Malaysia in the financial sector, the Malaysian Trade Commissioner said the two countries have close and robust trade relations, and hoped for more collaboration and new initiatives with the UAE in the future.
Syakhairi also pointed out that the UAE is witnessing significant development in the Islamic finance industry.
He said recent data indicate a noticeable growth in the size of this industry in the Middle East and the Association of Southeast Asian Nations (ASEAN), as well as its growth in other parts of the world.
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