(MENAFN) Kuwait Finance House Research's (KFHR) recent report showed that in 2012, the total value of Islamic financial assets is forecasted to grow to USD1.6 trillion globally, reported Kuwait News Agency (KUNA).
The increase is bolstered by a strong demand for compliant assets and an active role played by some jurisdictions worldwide to support the development of Islamic financial markets in their respective countries.
The report highlighted that the sukuk market has developed as a key contributing factor driving the internationalization of Islamic finance.
It revealed that during the past 10 years, the Islamic finance Industry has expanded at a strong rate of 15 percent-20 percent on annual basis from around USD150.0 billion in the mid-1990s to an estimated USD1.1 trillion last year.
It is worth noting that at the end of last year, there were 363 full-fledged Islamic financial institutions, in addition to 108 conventional financial institutions operating an Islamic window.