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.