National and Global Islamic Financial Architecture:
Prolems and Possible Solutions for the OIC Member Countries
35
sector with 84 companies holding USD 9.14 billion assets followed by non-GCC MENA
countries that have 52 takaful companies with assets valued at USD 8.23 billion. While takaful
sector assets in South Asia are worth USD 0.74 billion and are held by 21 companies, there are
49 takaful organizations in the rest of the world with assets worth USD 0.93 billion.
Chart ‎2.18: Takaful/Retakaful in Different Regions
Source: Calculated from data provide in ICD and TR (2015)
Chart 2.19 shows the status of other Islamic financial institutions in different regions of the
world. As indicated, these non-bank financial institutions include investment banks, leasing
companies, finance companies, etc. The GCC region also dominates this sector with 101 non-
bank Islamic financial institutions holding assets valued at USD 15.08 billion. South East Asia
has 84 Islamic financial institutions with USD 9.14 billion assets and the non-GCC MENA region
has 52 institutions holding assets worth US4 8.23 billion. There are 49 non-bank Islamic
financial institutions that hold USD 0.93 billion assets in the countries outside these regions.
Chart ‎2.19: Other Islamic Financial Institutions in Different Regions
Source: Calculated from data from ICD and TR (2015)
15,08
8,23 9,14
0,74
0,93
101
52
84
21
49
0
20
40
60
80
100
120
0
2
4
6
8
10
12
14
16
GCC Non GCC
MENA
South East
Asia
South Asia ROW
No. of Institutions
USD (bn.)
Takaful/Retakaful Assets No. of Takaful/Retakaful Operators
18,90
7,38
48,63
0,61 0,43
197
34
67
29
47
0
50
100
150
200
250
0
10
20
30
40
50
60
GCC Non GCC
MENA
South East
Asia
South Asia ROW
No. of Institutions
UDUSD (bn.)
Other Financial Institutions Assets No. of Other Financial Institutions