The Top 500 Islamic financial institutions in the world have amassed sharia-compliant assets of $500.5bn according to The Banker’s first comprehensive listing of the Islamic finance industry.

This global aggregate across 47 countries is divided into three core geographic areas, the six Gulf Cooperation Council (GCC) states, the non-GCC states of the Middle East and North Africa (MENA) and the remaining non-MENA states across the globe.

Institutions from the GCC states provide the largest slice of the $500.5bn aggregate total, accounting for $178.1bn or 35.6% of the total. Within the GCC, Saudi Arabian institutions account for 38.95% of the GCC total followed by Kuwait (21.16%), the United Arab Emirates (19.85%), Bahrain (14.74%) and Qatar (5.31%). Figures for Oman are not available.

Elsewhere in the MENA region, Iranian institutions are dominant accounting for 87.44% of the regional non-GCC total of $176.82bn. Iranian sharia-compliant assets at $154.6bn are 30.9% of the global total. The remainder in this area is accounted for by Lebanon (7.78%), Egypt (2.18%) and Jordan (1.49%).

Outside the MENA region, countries led by Malaysia and stretching from Indonesia to the UK accounted for $145.5bn, 29.1% of the global total. Malaysia has 40.72% of the non-MENA sharia-compliant assets, followed by Brunei (19.73%) and Pakistan (9.96%).



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