Global Islamic finance assets grew by 3.5% in 2018 to reach $2.52 trillion, according to the State of the Global Islamic Economy 2019/20 report.
Iran is the biggest market, holding $575 billion in Shariah-compliant financial assets, followed by Saudi Arabia with $541 billion.
The lion's share of Islamic finance assets, around 70%, are held in banks.
Two sectors have gained increased prominence in the development of the global Islamic finance industry: fintech and Islamic social finance.
Zakat is estimated at around $76 billion in 2018 and awqaf, or endowment, hold around $410 billion in assets, according to the report.
The State of the Global Islamic Economy is published annually since 2013.
It is produced by growth strategy and advisory firm DinarStandard, the parent company of Salaam Gateway.
For all data and analyses of the global Islamic finance industry as well as all other sectors of the Islamic economy download the report from here.
© SalaamGateway.com 2019 All Rights Reserved