4/7/2025–|Last update: 11:30 (Mecca time)
The Secretary -General of the Islamic Financial Services Council, Ghiath Shangig, said on Thursday that the global Islamic financial sector records remarkable growth, with its activity expanding in new markets, reaching about $ 3.9 trillion in 2024.
This came in a speech delivered by Shangig in Rabat during the 23rd Forum for Islamic Finance, which he organizes Central Bank Moroccan, in cooperation with the Islamic Financial Services Council, will last for one day.
Shabseg said -during the forum that is held in Ligament– The global Islamic financial services sector witnessed significant growth in size and scale, as it grew by 14.9% to reach 3.88 trillion US dollars in 2024.
He pointed out that the sector is witnessing a remarkable expansion in new markets, especially in Africa Central Asia, calling for strengthening its stability by addressing weaknesses.
The Secretary -General of the Islamic Finance Services Council believed that these indicators clearly reflect the increasing confidence in the Islamic financing model, and its increasing importance in meeting the real economic needs across the world.
He added: But growth carries with it weaknesses, as it is still witnessing a disparity in regional development, weakness in the regulatory frameworks, disparity in organizational capabilities, limited in the market infrastructure and investment options, limited integration with financial safety networks, and gaps in the preparedness of crises.
A negative impact on the developments of the Middle East
For his part, the Governor of the Moroccan Central Bank (Bank Al -Maghrib), Abdel Latif Al -Jawahiri, confirmed on Thursday that developments The Middle East It affected the Islamic financial sector.
Al -Jawahiri said during the forum that the Islamic financial sector is witnessing an accelerated growth, and he explained that among the challenges is the instability that characterizes the global situation as a result of the conditions in the Middle East, and the repercussions of the war between Israel Iran, the Russian -Ukrainian war, and commercial wars.
He added that the Middle East region has an important share of Islamic financial assets circulating at the global level, and that every negative or positive development in this region will have a direct reflection on the sector.
He continued that the Islamic finance system has become a prominent position, and it has become significantly integrated and integrated into the international financial system.