ICAEW.com works better with JavaScript enabled.

Islamic finance

Islamic finance focuses on achieving fairness through the sharing of profit, loss and risk; for example, the charging of interest (riba) is prohibited. Access our selected resources on the sector, including eBooks, online articles and print publications.

Use our industry guide to find key background information, market research, import and export guidelines, statistics, legislation, trade bodies and trade publications.

The Business & Industry Guides series is produced by the Library & Information Service for ICAEW members and ACA students.

We can compile tailored key players reports, mailing lists, market reports, benchmarking reports and industry news. Our enquiry team can also research other industry-specific information, such as taxation, for you. Call us on +44 (0)20 7920 8620 or email library@icaew.com.

Topics in depth

Trends and forecasts

Islamic Finance Sectoral Advisory Group
TheCityUK's Islamic Finance Group aims to provide thought leadership on Islamic finance through engaging with government and international decision makers. The Group also regularly publishes a Islamic finance research report (last published November 2022) which summarises global trends in Islamic finance with particular reference to how the market is developing in the UK.

Islamic Financial Services Industry Stability Report
Annual industry report by the Islamic Financial Services Board (IFSB). Provides updates on trends, growth and developments in the Islamic financial services industry. Requires free registration to access.

Islamic Finance Outlook 2022
Annual S&P Global Ratings research report predicting trends that will shape the industry's growth. Requires free registration to access.

Market research

Cambridge Global Islamic Finance Report (Cambridge GIFR)
Annual report which includes an assessment of the size of the global Islamic financial services industry and the Islamic Finance Country Index, which ranks around fifty countries by the size of their Islamic financial assets. The Islamic Finance Country Index was first launched in 2011 and has quickly gained acceptance as a means to compare countries in this sector.

Islamic Finance News: IFN Annual Guide

The annual IFN journal guide looks at overall markets for Islamic finance, with individual country market reports for several countries.

Sukuk - Islamic bonds

IIFM Annual Sukuk report 2022
An International Islamic Financial Market (IIFM) research report providing an overview of the global Sukuk market, with major 2021 issuances highlighted.

Refinitiv Islamic Finance Development Report 2021
Annual report examining the top performing markets for Islamic finance services, including sukuk, with charts showing the top countries in sukuk value outstanding, sukuk assets by region and the top sukuk structures used. Requires free registration to download.

Takaful - Shari'a compliant insurance

Islamic Financial Services Industry Stability Report 2022
Annual industry report by the Islamic Financial Services Board (IFSB). Provides updates on trends, market growth and developments in the Islamic financial services industry, including Takaful.

Industry press

The ICAEW Library & Information Service provides access to leading business, finance and management journals. These journals are available to logged-in ICAEW members, ACA students and other entitled users subject to suppliers' terms of use.

Useful links

ZAWYA Islamic Finance news
Islamic finance gateway from ZAWYA.com, which includes latest news stories, featured research reports and economic indicators. A free Zawya Daily email newsletter alert is available.

Need to find the latest news on this industry sector? We can carry out industry news searches using a range of trade titles and general business sources through our databases. To discuss your requirements, please contact the enquiry team on +44 (0)20 7920 8620 or at library@icaew.com.


Islamic Financial Services Board (IFSB)

The IFSB issues global standards for the Islamic finance industry, as well as conducting research and coordinating new industry initiatives. It currently provides quarterly Islamic banking data for 22 countries: Afghanistan, Bahrain, Bangladesh, Brunei, Egypt, Kazakhstan, Indonesia, Iran, Jordan, Kuwait, Lebanon, Malaysia, Nigeria, Oman, Pakistan, Palestine, Qatar, Saudi Arabia, Sudan, Turkey, the United Arab Emirates and the United Kingdom. 

Prudential and Structural Islamic Financial Indicators (PSIFIs) available include: 

  • Capital adequacy
  • Asset quality
  • Earnings
  • Leverage
  • Liquidity
  • Sensitivity to risks
  • Value of Shariah-compliant financing by economic activity
  • Value of returns by major type of Shariah-compliant contract
  • Number of Islamic banks
  • Number of employees

Detailed financial statements are also available for seven countries: Afghanistan, Bangladesh, Malaysia, Pakistan, Palestine, Turkey and the United Arab Emirates.


Islamic finance: law and practice 
C.R.Nethercott, editor. (Oxford University Press, 2020, 386 pages)
An up-to-date overview of the global Islamic finance industry, including Islamic law and contracts in practice. This item is in the ICAEW Library & Information Service collection - to find out how you can borrow books from the Library please see our guide to book loans

The Islamic Finance and Markets Review
Publication from The Law Reviews describing the practice of Islamic or shariah-compliant finance in 12 jurisdictions: Bahrain, the Cayman Islands, Luxembourg, Malaysia, the Netherlands, Oman, the Philippines, the UAE, the UK, and the US. Published in November 2020.

Islamic Finance News: IFN Annual Guide
This annual IFN journal guide looks at overall markets for Islamic finance, including individual market reports for several countries, some of which refer to tax incentives and the regulatory framework.

Industry bodies

The websites of government, regulatory and trade bodies in this sector are a useful source of industry overviews, contacts and statistics.




Middle East


Trade journals and publications

Trade journals, B2B magazines and specialist consumer magazines are another useful source of news and statistics.


These online directories can be used to identify specialist Islamic finance firms, financial products and professionals. 

Articles and books in the ICAEW Library collection

The collection of the ICAEW Library & Information Service includes a range of articles and books on Islamic finance. Use the links below to see what we have available to request in our Library catalogue (Libcat). Please contact us if you would like to borrow a book or request a copy of an article.

To find out how you can borrow books from the Library please see our guide to borrowing books.

You can obtain copies of articles or extracts of books and reports through our document supply service.

Can't find what you're looking for?

The ICAEW Library can give you the right information from trustworthy, professional sources that aren't freely available online. Contact us for expert help with your enquiries and research.

Every effort has been made to ensure that the information given in this Business & Industry Guide is correct. However, the content of websites changes frequently and users should satisfy themselves that the information they contain is suitable for the purposes for which they wish to use it. We would be grateful to receive notification of any broken links at library@icaew.com.


ICAEW accepts no responsibility for the content on any site to which a hypertext link from this site exists. The links are provided ‘as is’ with no warranty, express or implied, for the information provided within them. Please see the full copyright and disclaimer notice.