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Islamic Finance services sector growing slower, The Islamic Finance Service Board Report says
According to the IFSI Stability Report 2017 released by Kuala Lumpur-based Islamic Financial Services Board (IIFS), an international standard-setting body in the Islamic finance industry, the sector has gained market share in the last year, particularly in its core markets. However, the report also found that global double-digit percentage growth rates of the past have now slowed down to single-digit growth.
The annual report is focusing on three main segments of the Islamic financial services industry, namely banking, capital markets and the takaful sector. It provides an in-depth analysis of the performance and stability of the industry in 2016 and looks at the interrelation to macroeconomic factors such as interest rates, unemployment, real estate prices and oil prices in the various jurisdictions.
In the Islamic banking sector, the report found a more dynamic development contradictory to just moderate growth rates in total banking assets, underpinned by “reasonable levels” of growth in assets, financing and deposits of Islamic banks in most markets. In detail, the market shares of Islamic banks increased in 18 jurisdictions, indicating a growing acceptance of Islamic finance in markets with both Islamic and conventional financial systems. In 12 of these jurisdictions, Islamic finance has achieved domestic systemic importance, the report notes.
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