Market Size of UK Islamic Finance Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 7.5 Billion |
| Market Size (2029) | USD 8.74 Billion |
| CAGR (2024 - 2029) | 3.12 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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UK Islamic Finance Market Analysis
The UK Islamic Finance Market size is estimated at USD 7.5 billion in 2024, and is expected to reach USD 8.74 billion by 2029, growing at a CAGR of 3.12% during the forecast period (2024-2029).
The UK is a relatively small player in the global Islamic banking assets. However, the UK is a major player in Europe, accounting for 85% of all European Islamic banking assets and having the largest amount of Islamic banking assets in Europe (excluding Turkey). The UK has seen rapid growth in Islamic Finance over the last decade with the government being very active in promoting and promoting the sector.
The UK was home to the first-ever UK-based Islamic financial institution, and it has the highest number of Sharia-compliant assets of any non-Muslim country in the EU. The government's initiative to promote Islamic finance in the UK has paid off, with the second government sukuk issued in last year which has been sold to institutional investors across the UK, Middle East and Asia. The sector is expected to continue to grow over the next decade.
