Report: Islamic Finance Will Shoot Up to $6.5 Trillion by 2020
The Global Islamic Financial system is multiplying on a fast track basis, and will touch $6.5 trillion by 2020. This is projected by the International Financial Service Board. The volume expanded from a meager $150 billion in 1990 to $ 1.8 trillion in 2015, the board reported.
“Asia is expected to be the key driver in advancing the growth of Islamic finance industry,” says the International Financial Services Board (IFSB) Report-2015. “Pakistan is among the potential leaders of Islamic finance,” it says.
Citing these exciting statistics regarding the expansion of Islamic finance, Ashraf Mahmood Wathra, Governor, State Bank of Pakistan (SBP), the central bank, reported this to the inaugural session of the World Islamic Financial (WIF) Forum 2016 (WIF). Wathra, while citing the IFSB, also said Pakistan is the potential leader of the world’s Islamic Financial systems.
The forum was hosted by Karachi’s Institute of Business Administration and Centre for Excellence in Islamic Finance (IBA-CEIF). The objective of holding the forum was “to evolve a viable path to promote Islamic financing and to identify solutions for challenges in Islamic Finance.”