Islamic assets managed by companies based in the Dubai International Financial Centre (DIFC) grew by 45 percent in the second quarter of 2019 year on year, the center reported on Wednesday.
Islamic finance – a financial system that operates according to Islamic law – is growing at a faster rate than traditional finance around the world.
The Middle East, Africa and South Asia (MEASA) region continues to be a steady driver of this industry, fueled by several jumbo sukuk issuances and almost $1 trillion in financial assets across Gulf Cooperation Council countries, the DIFC said.
There are now over 40 financial firms based in the center providing Sharia-compliant products, according to the DIFC.
“The growth in the number of financial institutions with a sharia-compliant offering, alongside the rise of Islamic assets managed from the DIFC highlights the increasing demand for Islamic financial products in the region,” DIFC Chief Executive Officer Arif Amiri said in a statement on Wednesday.