Due to sharply declining trends in oil prices, slow economic pace and the Arab spring, the trend of Islamic banking and finance was slow-paced in 2016 in the Middle East and Arab region, while a sufficient development was recorded in Africa, Central Asia and the Far East, especially in the African market.
By 2017, the total volume of the Islamic finance industry is expected to be USD 2.7 trillion. Indonesia, Malaysia, Turkey, Pakistan, U.A.E, Qatar, Saudi Arabia, Kuwait and Bahrain are prominent with their total assets of Islamic Banking contributing 82% to the global Islamic banking market. Morocco, Uganda, China and Russia are expected to have a good start in Islamic banking by 2017.
According to research by Mr. Muhammad Zubair Mughal, Chief Executive Officer of AlHuda Center Of Islamic Banking & Economics (CIBE), there will be a steady growth of approximately 13% to 15% in the Islamic finance market during 2017 and the total volume of Islamic finance will cross the USD 3 trillion figure by 2020.