The year 2014 proved to be tremendous for Islamic banking and finance industry. It not only exceeded the limit of 2 trillion dollars assets but it also got access to the new markets including various new destinations of European region, Korea, Australia, Brazil, Malta, Argentine, China and many more.
Islamic banking and finance gained the popularity in its traditional markets of eg Malaysia, Pakistan and Middle East as well. There are various countries which recently stepped into Islamic banking and finance showed very good progress ie Morocco, Tunis, Azerbaijan, Kazakhstan, Libya, Oman and non- Muslim countries including Nigeria, Tanzania and South Africa.
While giving the prediction of 2015 for Islamic banking and finance, Muhammad Zubair Mughal, Chief Executive Officer, Al-Huda Centre of Islamic Banking and Economics (CIBE) said that it is probable to exceed 2.5 trillion dollars in this year. To reach to 2.5 trillion dollar market in 2015 from 2.1 trillion dollar market (2014) is the historical increase in one year. In which Islamic banking share will 86% share, Sukuk 6%, Islamic fund 4%, Takaful 2%, Islamic microfinance 1%. There are more than 1500 organisations working for Islamic banking, finance, Takaful, Sukuk, Islamic Fund, and Islamic microfinance in more than 90 countries all over the world in which Non-Muslim countries share is 40%. On the other hand, the share of Muslim countries including Qatar, Saudi Arabia, UAE, Malaysia, Pakistan, and Indonesia in global Islamic banking market is 76%.
Making a thorough analysis, he added that the downfall of Sukuk market in 2013 got tactfully recovered in 2014. Meanwhile there is a great chance of rapid growth of Sukuk market in 2015. It is also anticipated that it will reach to 150 Billion dollars. Islamic fund industry has also a great potential of gaining its market share to 100 billion dollars.
Talking about Takaful (Islamic Insurance), the chances are bright that it reaches to 15% growth rate. While, global Takaful contribution will reach to 20 billion dollars during 2015. Tanzania, Namibia, Morocco, and India are the new destinations for Islamic insurance. 2015 is taken as a beam of hope for the poor as it will be a good year for Islamic microfinance industrial growth as Islamic microfinance has gained popularity in world poverty alleviation. Many multilateral agencies are helping in the promotion of Islamic microfinance with the help of governmental support in various countries ie Pakistan, Yemen, Afghanistan, Sudan, Malaysia etc.
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