Islamic finance assets to hit $3.4 trln by 2024 driven by Saudi Arabia, Malaysia growth: report

Islamic finance assets are expected to reach $3.4 trillion in 2024 from $2.5 trillion in 2018, supported by growth in Saudi Arabia and Malaysia, according to a report issued by the Dubai Islamic Economy Development Centre.

The State of the Global Islamic Economy Report 2019/20, produced by US-based DinarStandard, estimated also consumer spending in Islamic economies to touch $3.2 trillion by 2024, rising at a cumulative annual growth rate of 6.2%.

Muslims spent $2.2 trillion last year across food, pharmaceutical and lifestyle sectors, the report added.

Separately, Islamic economy investment activity touched $1.2 billion last year, surging 399% compared to 2017.

Almost 54% of these investments were recorded within the halal products category, while Islamic finance and Islamic lifestyle attracted 42% and 4% of the investments respectively.  

On the global Islamic economy indicator, comprising 73 countries, Malaysia, the UAE, Bahrain and Saudi Arabia continued to lead the ranking, the report said.