It took Islamic finance forty years to reach the magical US$1 trillion benchmark (in terms of size or assets under management), and this niche market is on the march towards the next milestone of $2 trillion within the next five years — with Moody’s predicting $5 trillion.
Considering the fact that it took almost twenty years for the conventional industry to reach the US$ 1 trillion mark, but only ten to reach US$ 6 trillion (see figure 1), it is highly likely that Islamic finance will reach that level within the next five to six years, subject to the clearance of certain bottlenecks.
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