Islamic banking assets and outstanding "sukuk" (a type of bond structured in a way to avoid interest payments, thus complying with Islamic religious law) together accounted for over 90 percent of the over three billion U.S. dollars in assets held by the Islamic financial services industry. The smallest segment is "takaful", which are similar to insurance products, with less than one percent. The remainder is made up of Islamic investment funds.
Distribution of assets of Islamic financial services worldwide in 2021, by sector
Islamic financial services are structured so as to comply with Islamic religious law (Sharia). Typically, Sharia is understood to prohibit investments in:
conventional financial services or debt instruments which earn income through interest or excess
businesses which engage in activities forbidden by Sharia, such alcohol and gambling
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IFSB. (August 28, 2022). Distribution of assets of Islamic financial services worldwide in 2021, by sector [Graph]. In Statista. Retrieved November 10, 2024, from https://www-statista-com.ezproxy.canberra.edu.au/statistics/1264577/islamic-financial-services-asset-share-sector/
IFSB. "Distribution of assets of Islamic financial services worldwide in 2021, by sector." Chart. August 28, 2022. Statista. Accessed November 10, 2024. https://www-statista-com.ezproxy.canberra.edu.au/statistics/1264577/islamic-financial-services-asset-share-sector/
IFSB. (2022). Distribution of assets of Islamic financial services worldwide in 2021, by sector. Statista. Statista Inc.. Accessed: November 10, 2024. https://www-statista-com.ezproxy.canberra.edu.au/statistics/1264577/islamic-financial-services-asset-share-sector/
IFSB. "Distribution of Assets of Islamic Financial Services Worldwide in 2021, by Sector." Statista, Statista Inc., 28 Aug 2022, https://www-statista-com.ezproxy.canberra.edu.au/statistics/1264577/islamic-financial-services-asset-share-sector/
IFSB, Distribution of assets of Islamic financial services worldwide in 2021, by sector Statista, https://www-statista-com.ezproxy.canberra.edu.au/statistics/1264577/islamic-financial-services-asset-share-sector/ (last visited November 10, 2024)
Distribution of assets of Islamic financial services worldwide in 2021, by sector [Graph], IFSB, August 28, 2022. [Online]. Available: https://www-statista-com.ezproxy.canberra.edu.au/statistics/1264577/islamic-financial-services-asset-share-sector/
