National and Global Islamic Financial Architecture:
Prolems and Possible Solutions for the OIC Member Countries
33
sectors. These four countries together have 282 Islamic financial institutions managing USD
418.4 billion worth of assets. Though the financial sector of Sudan is Islamic, it has 44 financial
institutions with Islamic financial assets valued at USD 10.7 billion. It is worth noting that
Switzerland is the only non-Muslim country that makes the list of those with a significant
Islamic financial sector with 3 Islamic financial institutions holding USD 6.9 billion of assets.
Chart ‎2.15: Islamic Finance in 15 Largest Islamic Finance Economies
Source: Calculated from ICD and TR (2015)
Chart 2.16 shows the total Islamic financial assets and their distribution among different
financial institutions in 2014. The total global Islamic finance assets were USD 1.814 trillion
managed by 1,143 Islamic financial institutions. The dominant sector was the Islamic banking
sector with assets under the management of USD 1,345.9 trillion and 436 Islamic banks. The
takaful and retakaful sector is relatively small with 308 companies holding USD33.4 billion in
assets. A relatively smaller size of takaful assets is reflective of the overall smaller size of the
insurance industry discussed above. There were 399 other Islamic financial institutions such
as investment banks, leasing companies, finance companies, etc. with assets valued at USD 83.9
billion.
415,4 413,0
345,4
161,4
97,6
86,5
72,8
53,9
40,4
23,2 18,3 13,5 10,7
8,2 6,9
77
105
82 85
100
38
59
5
145
42
57
26
44
12
3
0
20
40
60
80
100
120
140
160
0
50
100
150
200
250
300
350
400
450
No. of Institutins
USD (bn.)
Islamic Finance Assets (US$ bn) No. of Islamic Financial Institutions