Mohamed Ahmed Al-Kajah

Great Ambition: Islamic Finance Goes Global

Matthew Reese, Sean Marion, Chiron Makhzani, Mohamed Ahmed Al-Kajah, Yasser Al-Alawi, Kelly Core, Adele Nazarian

The Islamic finance sector, projected to grow double-digits annually, is transitioning from retail products to institutional dominance driven by a global Muslim population increase and a specific $1.5 to $2 trillion asset base concentrated in Sharia-compliant banking and Sukuk issuance. While hubs like Malaysia and Bahrain pioneer regulatory frameworks and infrastructure financing, the market faces significant friction from high compliance costs, shallow liquidity outside key regions, and the scarcity of qualified scholars needed to certify asset-backed structures. Looking forward, the industry aims to establish itself as a global asset class within five to six years through standardized regulations, tax neutrality reforms in major financial centers, and the strategic deployment of capital into long-term infrastructure projects across Asia and Africa.