The global Islamic funds market grew more than 300% over the last decade to reach nearly $200 billion in assets under management.
That’s according to a report released Wednesday by Bahrain-based General Council for Islamic Banks and Financial Institutions.
Islamic assets under management grew 13.7% in 2020 despite the COVID-19 pandemic.
That was slower than the 35.1% growth of 2019, the report said.
Islamic funds’ growth in Assets Under Management showed signs of recovery last year, rising to $194.51 billion at the end of the third quarter.
That was a 17.1% increase from the end of 2020.
The sector is in its infancy compared to conventional funds.