The year 2014 proved to be a banner year for the Islamic banking and finance industry across the world. Islamic financial assets crossed the $2 trillion mark for the first time.
Apart from a rapid increase in Islamic financial assets, Islamic Banking & Finance industry reached new destinations previously unknown to Islamic Finance. Countries as South Korea, Australia, Hong Kong, Argentina, UK, Luxembourg, South Africa, Malta, and China started looking at the industry more positively. Some of them even started offering their first-ever Sukuk debut during the year.
Islamic banking and finance industry further solidified its position in its traditional markets – Malaysia, Indonesia, Pakistan, and the Middle East. Many other countries also jumped on the bandwagon of the Islamic Banking & Finance industry. These include but are not limited to Russia, Morocco, Tunis, Azerbaijan, Kazakhstan, Libya, Oman, Nigeria, Tanzania, Madagascar, Uganda, and South Africa.