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Islamic banking plays a significant role in the financial systems of many countries, particularly in the Middle East and North Africa. As of the third quarter of 2025, Iran, Somalia, and Sudan have stood out with Islamic banking accounting for *** percent of their total banking assets. Saudi Arabia followed, with Islamic banking representing **** percent of its banking sector. These figures underscore the growing importance of sharia-compliant financial services in certain regions.

Growth and regional dominance 

The Islamic banking sector has experienced substantial growth in recent years. In 2022, global Islamic banking assets totaled approximately *** trillion U.S. dollars, with projections suggesting an increase to *** trillion U.S. dollars by 2027. The Gulf Cooperation Council (GCC) and MENA regions lead the world in Islamic banking assets, each holding roughly equal shares of the total. Notably, four of the six GCC countries account for a major portion of global Islamic banking assets.

Islamic banking in North Africa

While Islamic banking dominates in some countries, its market share varies significantly across regions. In North Africa, for instance, Tunisia leads with a *** percent market share, followed by Egypt at **** percent, Algeria at *** percent, and Morocco at *** percent. Morocco's relatively low share can be attributed to the sector's recent introduction in 2017, with authorities aiming to increase it to **** percent in 2024. Within individual countries, market leaders are emerging. For example, the Abu Dhabi Islamic Bank leads the sector in Egypt with a **** percent market share, closely followed by Faisal Islamic Bank at over ** percent.