Islamic banking started in Egypt in early 1960s with MGISA. Islamic Development Bank established in 1975, followed by major commercial banks. Total Islamic finance assets reached $2 trillion by end-2014
Ethiopia launched full Islamic banking in 2019 after eight years of window services. Saudi Arabia made Sukuk issuers more flexible in November 2024. Bangladesh published draft Islamic Banking Companies Act. Philippines plans to issue Sukuk in 2025
Survey gathered insights from 33 AFI member countries. Islamic finance has gained traction in financial sector. 49% of respondents have at least one Islamic finance product
Fintech investments grew from $8.2 billion in 2017 to $238.9 billion in 2021. Sector reached record high with 7,321 deals in 2021. Fintech companies operate in 13 areas including payments and banking
Wakala is an Islamic finance agency where principal entrusts agent to act on behalf. Agent manages and invests assets in Sharia-compliant manner. Principal benefits from potential profits without direct asset management
Founded in 1990 in Algiers, registered in Bahrain in 1991. Has members from over 45 countries, including central banks. Includes general assembly, board of trustees, and executive committee