Islamic Financial Services Industry Stability Report 2024 (IFSB)
Islamic Financial Services Board (IFSB), Kuala Lumpur
What this source says
The annual stability report from the Islamic Financial Services Board — the international standard-setting body for the industry, hosted at Bank Negara Malaysia in Kuala Lumpur — gives a whole-of-industry picture that the English-edition home-finance debate rarely shows: where the money actually is. It reports that global Islamic Financial Services Industry (IFSI) assets grew 4% year-on-year to reach USD 3.38 trillion in 2023 (from USD 3.25 trillion in 2022). By segment, Islamic banking is by far the largest, at 70.21% of total IFSI assets (USD 2.37 trillion); sukuk outstanding and Islamic funds together made up 29.08% (sukuk USD 850 billion, funds USD 132 billion); and the Islamic insurance (takaful) segment was 0.71% (USD 24 billion). The report's own Table 1.2.1 sets out the regional distribution: the Gulf Cooperation Council region holds the majority share at 52.50% (USD 1,847 billion), followed by East Asia and the Pacific at 21.80% (USD 769 billion) — so roughly three-quarters of the world's Islamic-finance assets sit in the Gulf and East Asia. The remainder is spread across the Middle East and North Africa excluding the GCC (12.70%), Europe and Central Asia (8.30%), South Asia (3.10%), Sub-Saharan Africa (0.70%), and others (0.90%). On the banking side specifically, assets grew 7.21% over the year to Q4 2023, driven by deposit growth of 7.92% and financing growth of 5.97%, with the report noting a persistent challenge: a scarcity of Shari'ah-compliant liquidity-management instruments, which leaves Islamic banks holding more cash than conventional peers. The figures are an end-2023 snapshot, drawn mostly from regulators' own statistical databases and the IFSB's Prudential and Structural Islamic Financial Indicators, with third-party data used only where primary data is unavailable.
Wording inside quotation marks is quoted from the source. The rest is this notebook’s summary of it — read the original before relying on it.
Provenance
- Source
- Islamic Financial Services Board, 'Islamic Financial Services Industry Stability Report 2024', Kuala Lumpur, September 2024
- School / basis
- Comparative
- Captured
- 2026-06-23
- Added
- 2026-06-23
- Trust
- Primary or near-primary source with a stable public URL.
Compiler’s note
PDF fetched live 2026-06-23 (HTTP 200, 2.58 MB) from ifsb.org and read in full via pdftotext -layout; every figure verified DIRECTLY against the document, not a secondary summary (a third-party write-up the researcher surfaced gave a differently-rounded sector split — disregarded in favour of the primary table). Verified: title-page citation 'Islamic Financial Services Board. 2024. ... Kuala Lumpur, Malaysia, September.'; total IFSI USD 3.38 trillion 2023 / USD 3.25 trillion 2022 with 4% YoY (narrative + Table 1.2.1, total 3,378.51); sector shares 70.21% banking (2,372.17) / 25.16% sukuk (850.00) / 3.92% funds (132.29) / 0.71% takaful (24.05), narrative stating sukuk+funds = 29.08% combined; regional shares GCC 52.50% (1,847.42), EAP 21.80% (768.96), MENA ex-GCC 12.70% (427.82), ECA 8.30% (228.57), SA 3.10% (108.58), SSA 0.70% (19.20), Others 0.90% (25.70); banking assets +7.21% YoY to USD 2.37tn by Q4 2023, deposits +7.92%, financing +5.97%. FRESHNESS-HONEST: all figures attributed as an end-2023 snapshot, not asserted as current. Neutral multilateral standard-setter (members are central banks/regulators), not a provider ad. First Asia/GCC entry in the corpus — added GLOBAL-FIRST to close a real gap: the articles bucket spanned US/UK/CA/AU + ZA + EU but had ZERO coverage of the GCC and East Asia, which this report shows hold ~74% of global Islamic-finance assets, i.e. the actual heartland. The IFSB disclaimer (views are the Secretariat's, not necessarily the IFSB Council's) is respected by attributing to the IFSB publication. No verbatim quotes beyond unavoidable terms; no figures invented or carried from secondary write-ups.
Topics
islamic-financebankingsukuktakafulmarket-dataglobalgccmalaysia
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