Standard Chartered Reports Projected 36% Growth in Global Islamic Finance Assets by 2028

Standard Chartered Reports Projected 36% Growth in Global Islamic Finance Assets by 2028

(IN BRIEF) Standard Chartered has released a new report, Islamic Banking for Financial Institutions: Unlocking Growth Amidst Global Shifts, forecasting that global Islamic finance assets will grow to USD7.5 trillion by 2028. The report reveals significant growth in Islamic finance, with Islamic banking alone expected to increase from USD4 trillion in 2024 to USD5.2 trillion by 2028. It also highlights the projected expansion of the Sukuk market and discusses the future of Islamic finance, focusing on scale, sustainability, and ethical finance. The report provides in-depth insights for financial institutions, covering growth drivers, regulatory developments, market challenges, and innovations in Islamic finance.

(PRESS RELEASE) LONDON, 19-May-2025 — /EuropaWire/ — Standard Chartered has today released its comprehensive report titled Islamic Banking for Financial Institutions: Unlocking Growth Amidst Global Shifts. The report forecasts that global Islamic finance assets will grow from USD5.5 trillion in 2024 to USD7.5 trillion by 2028, underscoring the increasing global significance of Shariah-compliant finance.

In 2024, the Islamic finance industry is expected to surpass USD5 trillion in global assets, reflecting a 12% increase from 2023 and a 43% growth since 2020. Islamic banking makes up over 70% of total Islamic finance assets, with its assets projected to rise from USD4 trillion in 2024 to USD5.2 trillion by 2028. Additionally, the Sukuk market is anticipated to expand from USD971 billion to USD1.5 trillion over the same period.

Khurram Hilal, CEO of Group Islamic Banking at Standard Chartered, commented, “Islamic finance is entering a new era defined by scale, sustainability, and strategic integration. The projected 36% increase in assets reflects strong fundamentals and a growing global appetite for ethical and inclusive finance.”

The report offers valuable insights for financial institutions, covering the Islamic finance landscape and including findings from the Pulse of Islamic Banking client survey for 2025. It highlights growth drivers, regulatory developments, and market expansion opportunities, while also addressing challenges in regulation, liquidity, and risk management. The report further explores market oversight frameworks, innovation pathways, and the integration of ESG principles, complemented by market spotlights featuring real-world case studies of successful solutions.

Khurram Hilal concluded, “Fostering innovation, enhancing market connectivity, and prioritizing sustainability will unlock the greatest opportunities in the future of Islamic finance.”

As the only international bank with a global Islamic banking franchise, Standard Chartered Saadiq provides Shariah-compliant financial solutions to financial institutions, corporations, wealth, retail, and private banking clients across more than 25 countries.

To access the complete report, visit Islamic Banking for Financial Institutions: Unlocking Growth Amidst Global Shifts.