This report analyzes the evolution of Islamic finance, tracing its transition from niche banking toward a sophisticated global financial system embracing fintech, ethical investing, and Shariah-compliant digital assets. With over $4.5 trillion in expected global Islamic financial assets by 2030, the sector is gaining traction beyond the Middle East—particularly in Central Asia, Southeast Asia, and Africa. The report explores structural innovations in sukuk, takaful, and Islamic digital wallets, alongside policy shifts supporting cross-border alignment of halal capital markets. Central Asia is emerging as a growth frontier, with Kazakhstan and Kyrgyzstan positioning themselves as regional nodes for Islamic banking, supported by sovereign programs and investor demand from the GCC and Southeast Asia. The long-term outlook anticipates integration of AI and ESG principles into Shariah-compliant finance, ensuring sustained competitiveness in the global ethical finance ecosystem.
Islamic finance is evolving into a high-growth, tech-integrated global system, with Central Asia playing a key role in future expansion.