Economy, Business And Markets

Iran Top in Islamic Banking Assets

Iran Top in Islamic Banking AssetsIran Top in Islamic Banking Assets

The Organization of Islamic Cooperation’s report on the financial outlook of its member states shows that Iranian banks accounted for 40% of the global Islamic banking assets in 2014. The OIC’ Standing Committee for Economic and Commercial Cooperation (COMCEC), expects that average economic growth rate of OIC members will increase in the coming years reaching 5.1% in 2016 and 5.8% in 2017. Islamic finance assets, led by the Islamic banking sector and the global sukuk market are estimated to be worth more than $2 trillion while Iran (40%), Saudi Arabia (18.5%), Malaysia (9.5%), UAE (7.3%) and Kuwait (5.9%) are mentioned as the top holders of the assets. The report also expects a 3.7% growth in the industry by 2018, predicting the total value of the assets to stand at $ 3.5 trillion.