$2.8trn
Global Islamic banking assets totalled $2.8trn in 2021, up from $1.7trn in 2016
$7.5bn
In 2021, UK-based Islamic banks’ assets were $7.5bn
$196.5bn
Global sukuk issuance has grown from $128.3bn in 2018 to $196.5bn in 2021
85%
In Europe (excluding Turkey) the UK made up 85% of total European Islamic banking assets
13%
Over the period 2017-2021, assets under management of global Islamic
funds experienced an average annual increase of 13%
By the end of 2021, there were 68 Islamic FinTechs in Europe
45
of these were headquartered in the UK
The Islamic FinTech market is highly concentrated in some Organisation of Islamic Cooperation members. The UK was ranked 5th in the 2021 Global Islamic FinTech index; it is the first Western country to have created an ecosystem supportive of Islamic FinTech.
The UK is a Western leader in supporting infrastructure and environment for Islamic finance. Services in the UK are offered by financial intermediaries, asset managers, insurance providers and international law, accountancy, and consultancy firms.
There is a growing demand for skills as Islamic finance expands. The UK is one of the world’s largest providers of Islamic finance education.
