A senior Malaysian official, Yazrin Syakhairi, predicted that the global Islamic finance market would reach $4.9T by 2025. Syakhairi, from the Trade Section of the Consulate General of Malaysia in Hong Kong, highlighted the substantial and swift growth of the Islamic finance market, exceeding $2.2T in 2022.
During the Asian Financial Forum (AFF) in Hong Kong, Syakhairi stated that the Islamic finance sector is anticipated to experience a global growth of approximately 10 percent in 2023 and 2024, as per earlier estimates by S&P’s Global Ratings.
Syakhairi emphasized that the AFF, the largest ongoing financial event associated with the financial services industry, offers a prime opportunity to showcase alternative financing tools like Sukuk or Islamic bonds. This aligns with the prevailing global trend towards green finance.
He also mentioned the potential listing of these instruments on financial markets in Hong Kong, Dubai, and Kuala Lumpur.
Regarding cooperation in the financial sector between the UAE and Malaysia, Syakhairi expressed that the two countries have strong and resilient trade relations. He expressed optimism for increased collaboration and new initiatives with the UAE in the future.
Syakhairi highlighted the noteworthy progress of the Islamic finance industry in the UAE, noting recent data indicating significant growth in the Middle East and the Association of Southeast Asian Nations (ASEAN), as well as in other parts of the world.
