Islamic Banks in Credit Markets Performance Improvement - Shohjahon Olimov - Bog

The modern world is developing very rapidly. In particular, the age of information technology has created a huge competitive environment in all spheres, providing its consumers with a number of conveniences. Similarly, another area, Islamic finance, is one of the fastest growing areas in the global financial market. Currently, the assets of Islamic financial institutions worldwide are growing at an average annual rate of 14 per cent and currently have a share of 6 per cent of the global financial market. Although the market share is very small compared to conventional financial institutions, it is estimated that Islamic financial services will reach US$3.69 trillion in the global financial market by 2024. This high level of growth is certainly a result of the very high demand that exists in the industry. Members of the Muslim faith, who are the main customers of Islamic finance, account for about 1.8 trillion or 24% of the world's total population. It is clear that there is a huge market in Islamic finance and the challenge of meeting the existing demand is very relevant today.