(Ecofin Agency) - 2019 looks promising for Islamic finance. Indeed, this finance deemed ethical should weigh $2,500 billion in the world by the end of 2019 against $2,440 billion in 2018, Muhammad Zubair Mughal (photo), CEO of AlHuda Center of Islamic Banking and Economics (CIBE), announced on January 8, 2019.

According to the manager, 81% of the total assets of the Islamic financial system would come from halal banking services, 11% from sukuk, 2% from takaful insurance, 5% from Ijara companies and Islamic real estate investments and 1% from Islamic microfinance.

According to the Gulf Times, M. Mughal declared that 2018 has “not proved as much beneficial for Global Islamic Banking” due notably to the persistent pressure on the price of oil, the commercial war between the USA and China as well as the unstable political situation in the Persian Gulf.  

"This year, the subdued situation in the Gulf will likely persist, while growth in the Islamic finance industry will mainly be supported by new entrants from West, East and North Africa, as well as Central Asia", he estimated noting that the demand for sharia compliant financial products should still be high in Malaysia, Indonesia, Pakistan and in Bangladesh.