Islamic banking product growth 2020

Over the 12 months to the fouth quarter of 2021, deposits taken by Islamic banks grew at nearly 7.3 percent, while financing grew at nearly 13 percent. These figures are in stark contrast to the compound annual growth rate of Islamic banks measured from March 2014 to September 2020, where both financing and deposits experienced declines of -0.3 and -0.4 percent respectively.

Year-on-year annual growth rate of products and assets of Islamic banks worldwide from Q4 2018 to Q4 2021

Characteristic	Annual growth
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Release date

August 2022

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Region

Worldwide

Survey time period

Q4 2021

Supplementary notes

Islamic banks are structured so as to comply with Islamic religious law (Sharia). Typically, Sharia is understood to prohibit investments in:

conventional financial services or debt instruments which earn income through interest or excess
businesses which engage in activities forbidden by Sharia, such alcohol and gambling
speculative transactions

For the purposes of regional classification, Iran is included in “MESA”, North African countries are included in “Africa”, and Turkey is included in “Others”.

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