2019 Review of Developments In Islamic Finance

(ProShare, Lagos, 5 January 2020) According to the Islamic Financial Industry Stability Report, the current global size of the market is $2.19trn,  which attests to a remarkable growth post-2008 financial crisis. Malaysia is currently the leading hub for Islamic Finance globally. At the end of 2017, it continued to be the main driver for both Sukuk outstanding and issuance for the year, with a global market share of 51% and 36.2% respectively, according to the Malaysian Reserve Bank report. Africa's market size for Islamic Finance as of 2011 was $18bn, while the potential for Nigeria since then is over $17bn. Nigeria and Africa are the new frontiers for the growth of Islamic Finance globally. The apex regulator of Nigeria's capital market, the Securities and Exchange Commission (SEC) restated its commitment in 2019 to provide the regulatory framework that will support the growth and development of the non-interest finance market.