Global Islamic finance assets expected to reach $9.7 trillion

Global Islamic finance assets are projected to soar by more than 60% over the next four years to $9.7 trillion, driven by gains in banking, bonds and insurance markets.

According to a study by the London Stock Exchange and the Islamic Corp. for the Development of the Private Sector, the sector has been growing by an average 10% annual rate, Arab News reports.

The report says Iran, Saudi Arabia and Malaysia together hold roughly $4.3 trillion in Islamic finance assets, or about 72% of the total.

It says the U.K. has emerged as a key hub for Islamic finance, particularly in the sale of sustainable sukuk bonds.

UAE’s Wio digital investing platform tops $1 billion in assets

Wio Invest, the app-based platform backed by Abu Dhabi sovereign wealth fund ADQ, has surpassed $1 billion in assets under administration in less than two years, propelled by a new wave of digitally native and financially curious investors in the UAE.

Wio Invest said it has seen more than $4 billion in order volume year-to-date.

The so-called “neobroker” is now among the fastest-growing digital platforms globally and offers simplified access to global markets, ETFs and virtual assets via the Wio Personal app, which is run by related entity Wio Bank.

The platform seamlessly integrates opportunities to invest in UAE ventures, including a tab for taking part in local market IPOs and a partnership with Abu Dhabi alternative investment manager Lunate offering the option to place recurring orders for Lunate Chimera ETFs.

Customers have shown a strong interest in U.S. tech stocks and crypto.