The global Islamic funds market has grown by more than 300% over the last decade to nearly reach $200 billion in assets under management, according to a new report from the Bahrain-based General Council for Islamic Banks and Financial Institutions (CIBAFI) as reported in Reuters.
The market for Islamic funds boomed in 2019, registering 35.1% growth. The pandemic slowed that growth in 2020, but still Islamic assets under management (AuM) grew 13.7% in 2020.
Islamic finance, which bans interest payments and pure monetary speculation and can only be used to invest in sharia-compliant assets or portfolios. Despite this early growth, the sector is still in its infancy, Reuters reports.
