Yazrin Syakhairi, Malaysian Trade Commissioner from the Trade Section of the Consulate General of Malaysia in Hong Kong (MATRADE), predicts that the global Islamic finance market will soar to $4.9 trillion by 2025.
Speaking at the Asian Financial Forum (AFF), Syakhairi told the press that Islamic finance has grown beyond $2.2 trillion in 2022 and is projected to expand around 10% annually through 2024, per S&P Global Ratings.
"The AFF is the premier event for Hong Kong’s financial services sector, one of the city’s pillar industries,” he said. “Malaysia is showcasing its Islamic finance expertise here.”
Syakhairi said the forum presents opportunities to promote Islamic instruments like Sukuk bonds, alongside sustainable finance options, which can then be listed on the Hong Kong, Dubai, and Kuala Lumpur markets.
Regarding UAE-Malaysia cooperation in finance, Syakhairi highlighted the strong trade relations between the two countries. He expressed optimism for enhanced collaboration and new initiatives to bolster cooperation in the future.
“The UAE has seen impressive Islamic finance growth. Industry stats point to expansion in the Middle East, ASEAN, and globally,” Syakhairi added.