**Figure 1.**

*Islamic finance industry, 2019 [33].*

countries and between 1975 and 1990, Islamic finance gained rapid global momentum and spread to many countries such as UK, US and Switzerland. As a result of the increasing volume and growth of the Islamic finance industry, it has brought with it the need to establish and regulate standards in the field of Islamic finance. For this reason, Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is established in 1990. In 2000s, Islamic finance continue its growth globally and spread to countries such as Thailand, Singapore, Kazakhstan, Umman and Germany.

As of 2019, the global Islamic finance assets reach US\$2.88 trillion by 14% increase with respect to 2018 [33]. **Figure 1** represents the segmental composition of the Islamic finance industry. According to the figure, the Islamic finance industry is comprised of Islamic banking, Sukuk, Islamic funds and Tekaful.

According to the figure, the Islamic banking is accounted for 72.4% of the industry and has the largest component of the Islamic finance industry. The total Islamic banking assets in 2019 reach US\$ 2 trillion and there exist 526 Islamic banks globally [33]. According to IFSI [34], in 2019 the global Islamic banking assets increase by 13% compared to 2018. According to the report, the main reason of the increase in the Islamic banking assets in the GCC region with the considerable mergers of the Islamic banks. Sukuk,<sup>1</sup> on the other hand, account for 22% of the global Islamic finance industry and is the second largest component of the sector. In 2019, the total sukuk outstanding value reach to US\$538 billion with a 15% increase compared to 2018. In 2019, there are 308 murabaha, 293 ijara, 235 mudaraba, 229 other sukuk, 225 hybrid sukuk and 156 salam is issued globally. The value of total Islamic funds outstanding is US\$140 billion in 2019. It is comprised of mutual funds (US\$1555), pension funds (US\$86), insurance funds (US\$76) and exchange traded funds (US\$29). Global Tekaful assets<sup>2</sup> increase by 10% and account for US\$51 billion. In 2019, Turkey is the fastest growing market in tekaful assets [33].
