Hong Kong– The global Islamic finance market would touch US$4.9 trillion by 2025, according to Yazrin Syakhairi, Malaysian Trade Commissioner at the Consulate General of Malaysia in Hong Kong.
Speaking on the sidelines of the Asian Financial Forum (AFF) in Hong Kong, Syakhairi told the Emirates News Agency (WAM) that the Islamic finance market is witnessing significant and rapid growth worldwide, surpassing the size of US$2.2 trillion in 2022.
It is expected that the Islamic finance sector will grow by around 10 percent globally in 2023 and 2024, according to earlier estimates by Standard Poors Global Ratings.
Syakhairi explained that the AFF is the largest financial event currently taking place, associated with the financial services industry, which is one of the largest industries in Hong Kong, one of the world’s major financial cities.
He noted that Malaysia is participating in the event to share its expertise in finance, particularly in Islamic finance.
He mentioned that the forum is a good opportunity to highlight other financing tools such as Sukuk or Islamic bonds, in addition to the prevailing global trend towards green finance, which can then be listed on financial markets in Hong Kong, Dubai, and Kuala Lumpur.
In response to a question about cooperation between the UAE and Malaysia in the financial sector, the Malaysian Trade Commissioner stated that the two countries have close and robust trade relations. He expressed hope for more collaboration and new initiatives with the UAE to increase and strengthen cooperation in the future.
Yazrin Syakhairi added that the UAE is witnessing significant development in the Islamic finance industry. He clarified that recent statistics indicate a noticeable growth in the size of this industry in the Middle East and the Association of Southeast Asian Nations (ASEAN), as well as its growth in other parts of the world.