The 2016 Top Islamic Financial Institutions ranking marks the 10th year in which The Banker has tracked the performance of the global Islamic finance market. In that time, the industry has blossomed from a relatively small-scale, concentrated affair to an international market that is thriving in both developed and emerging economies alike. To put this transformation into perspective, in 2006 total global sharia-compliant assets stood at $386bn. A decade later, that figure has jumped to $1440bn, representing a compound annual growth rate of 12.72%.
Not only does this growth dwarf that of conventional institutions, it also points to the wider acceptance of Islamic finance by consumers, financial institutions, policy-makers and regulators during that time. Today, asset and profitability growth go hand in hand with the development of a flourishing ecosystem of players that is increasing the sophistication of this expansion.
