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Center of Islamic Banking and Economics

Press Release

Islamic Finance Volume Expected to Hit $2.5 Trillion in 2019: Zubair Mughal
The total volume include the share of Islamic Banking 81%, Takaful 2%, Sukuk 11%, Islamic
Microfinance 1% and others 5%

Lahore (31-12-2018): Unfortunately, 2018 is not proved as much beneficial for Global Islamic Banking
and Finance Industry as expected because of various reasons which include Middle East political
situation, sharply down in oil prices, and international trade wars between two power. By expressing his
view, Zubair Mughal- Chief Executive Officer of AlHuda Center of Islamic Banking and Economics, said
that 2019 is starting with high hopes for Islamic banking and finance industry and its volume is expected
to reach at $2.5 Trillion in the year 2019. The total share of Islamic banking industry within Islamic
Finance industry would be 81%, while Takaful, Sukuk, and Islamic microfinance have share of 2%, 11%,
and 1% respectively of the total volume. Whereas, Islamic stock markets, Ijarah companies, Islamic
REIT’s etc. has 5% share of total Islamic Finance industry.

By analyzing different Islamic financial markets he said: Islamic banking and financial industry growth
will continue at the precedent percentage and more new institutions will start their operations in Islamic
banking. The average growth of the industry will remain the same in Middle East. He further discussed
about the status of Islamic financial industry in Africa and said that in East Africa, Tanzania and Kenya
are expected to introduce and enhance regulatory framework for Islamic financial industry and It will
have direct positive effect for the growth of the industry. Moreover, Uganda and Ethiopia would also be
claiming the same growth. Whereas, in West Africa, Nigeria and Senegal will record the growth of the
industry by enhancing the market base of Islamic microfinance and Islamic bonds (Sukuks) and in North
Africa, the Moroccan Islamic financial industry will emerge.

He further said, French speaking countries are taking more interest in Islamic banking and finance
phenomenon and in 2019, Ivory Coast, Burkina Faso, Mauritania, Cameroon, Chad, Male, Algeria, Niger
etc. are expected to grow in Islamic banking industry, The reason behind this growth in the Francophone
countries is also the interest of Islamic Development Bank’s (IsDB) projects in which financing will be
made on Islamic banking rules.

Zubair Mughal further express his views that the Islamic banking and finance demand in Malaysia,
Indonesia, Pakistan and Bangladesh in Asia will increase due to their religious attachments. Pakistan’s
new Government moto “Riyasat e Madina” will attract Islamic banking and finance in more attractive

AlHuda Center of Islamic Banking and Economics

Head Office: P.O Box. 120867, Dubai - U.A.E, Ph: 00971 55 938 99 00
Pakistan Office: 117-G3, Johar Town, Lahore – + 92 (0)42 - 35913096 – 8
Email: info@alhudacibe.com Web: www.alhudacibe.com
Center of Islamic Banking and Economics
way. Whereas, Kazakhstan and Uzbekistan will also grow in this industry in Central Asia. In 2019, Russia
will also grow tremendously in Islamic banking industry.

In India, he said, after elections, the Reserve Bank of India (RBI) is expected to allow for Islamic banking
so that 200 million people would be able to avail the financial system coherent with their beliefs. He
said, now the Islamic banking is not limited to only Muslim countries but also flourishing in non-Muslim
countries. More-than 100 countries are practicing Islamic banking and finance including UK, USA, Japan,
Russia, Germany, and South Africa with more-than 3000 Islamic banking and financial institutions.

In 2019, unfortunately, the Takaful industry is not expected promising due to certain reasons and the
same was observed in 2018. But the Sukuk industry is expected to grow and it is projected that new
Sukuk would be issued. Islamic microfinance is emerging tremendously for poverty alleviation and most
of the countries are including in their policy part. It is expected that the volume of Islamic microfinance
industry will shift from 1% to 2% in 2019 due to its importance.

The writer Mr. Muhammad Zubair Mughal- CEO, AlHuda CIBE is an Islamic banking and finance expert
and have 14 years of vast experience of Islamic Finance in more-than 50 countries. He can be contacted
at: zubair.mughal@alhudacibe.com

About AlHuda CIBE:

AlHuda Center of Islamic Banking and Economics (CIBE) is a well-recognized name in Islamic banking and
Finance industry and provides state-of-the-art Advisory Consultancy and Education through various well-
recognized modes viz. Islamic Financial Product Development, Shariah Advisory, Trainings Workshops,
and Islamic Microfinance and Takaful Consultancies etc. side by side through our distinguished,
generally acceptable and known Publications in Islamic Banking and Finance.

We are dedicated to serving the community as a unique institutionfor the last twelve years. The prime
goal has always been to remain stick to the commitments providing Services not only in UAE/Pakistan
but all over the world. We have served in more than 35 Countries for the development of Islamic
Banking and Finance industry.For further Details about AlHuda CIBE, please visit:

For Media Contact:

Ms.ShagufttaPerveen - Manager Communications,
info@alhudacibe.com - Call: +92 42 35913096 - 8

AlHuda Center of Islamic Banking and Economics

Head Office: P.O Box. 120867, Dubai - U.A.E, Ph: 00971 55 938 99 00
Pakistan Office: 117-G3, Johar Town, Lahore – + 92 (0)42 - 35913096 – 8
Email: info@alhudacibe.com Web: www.alhudacibe.com