Around six countries across the globe with Islamic Banking and finance (IBF) will attain a market share of at least 50% or more out of the total financial sector in their respective nations by 2020, according to Global Islamic Finance Report (GIFT) 2013 by Edbiz Consulting.
The six countries include Brunei Darussalam, Saudi Arabia, Kuwait, Qatar, Malaysia and the UAE, reported freemalaysiatoday.com.
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According to GIFR 2013, Brunei Darussalam will be the first country where IBF will attain market share of over 50%, followed Saudi Arabia, Kuwait, Qatar, Malaysia and the UAE.
In Malaysia, GIFR predicts IBF to grow by 16.67% annually in the next six years, provided there are contributions from Malayan Banking and CIMB group holding.
Additionally, conversions of banks such as Cagamas and Agro Bank into Islamic financial institution will ensure that the IBF reaches its goal in Malaysia.
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