Financial inclusion through digitalisation
Despite global pandemics and geo-political turbulence, the past few years has seen the Islamic financial and banking industry experience significant levels of growth across the globe. In its report released in October last year, ratings agency Standard & Poor’s (S&P) highlighted this continued growth through 2024, with total industry assets expecting to reach USD 4.4 trillion. Whilst Islamic finance continues to be seen as a niche market, it is worth noting that recent analysis of over 3,000 hedge funds indicates that industry tipping the scales at just under USD 3 trillion.
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Lawrence Oliver