Standard Chartered on Tuesday released a report ‘Islamic Banking for Financial Institutions: Unlocking Growth Amidst Global Shifts’, projecting global Islamic finance assets will reach $7.5 trillion by 2028, up from $5.5 trillion in 2024, reflecting the expanding relevance of Shariah-compliant finance globally.
In 2024, the Islamic finance industry surpassed $5 trillion in global assets — a 12% rise from 2023 and 43% increase from 2020. Islamic banking accounts for over 70% of total Islamic finance assets, and assets projected to grow from $4 trillion in 2024 to $5.2 trillion by 2028. The Sukuk market is expected to expand from $971 billion to $1.5 trillion during this period.
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Khurram Hilal, CEO of Group Islamic Banking at Standard Chartered, said: “Islamic finance is entering a new era defined by scale, sustainability and strategic integration. The projected 36% increase in assets reflects strong fundamentals and global appetite for ethical and inclusive finance”.
The report provides financial institutions with insights covering the Islamic finance landscape and insights from the “Pulse of Islamic Banking” client survey 2025. It examines growth drivers, regulatory developments, and market expansion opportunities, whilst addressing challenges in regulation, liquidity, and risk management. It also explores market oversight frameworks, innovation pathways, and ESG integration, supplemented by market spotlights featuring real-world solution case studies.
Khurram concluded: “Fostering innovation, strengthened market connectivity, and 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, the bank offers Shariah-compliant solutions to financial institution, corporates, wealth, retail and private banking client segments in over 25 countries.
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