Islamic banking and finance industry is set for a major growth in 2015, growing by nearly 19 per cent to $2.5 trillion (Dh9.175trn) compared to $2.1trn (Dh7.707trn) in 2014, according to a forecast released on Wednesday by AlHuda Centre of Islamic Banking and Economics (CIBE). Muhammad Zubair Mughal, CEO of CIBE, said Islamic banking share will make up 86%, followed by sukuk at 6%, Islamic fund 4%, Takaful 2% and Islamic microfinance 1%. “2014 proved to be tremendous for Islamic banking and finance industry. It not only exceeded the limit of $2 trillion assets but it also got access to the new markets including various new destinations of European region, Korea, Australia, Brazil, Malta, Argentine, China and many more. “Islamic banking and finance gained the popularity in its traditional markets of e.g. Malaysia, Pakistan and Middle East as well. There are various countries which recently stepped into Islamic banking and finance showed very good progress i.e. Morocco, Tunis, Azerbaijan, Kazakhstan, Libya, Oman and non-Muslim countries including Nigeria, Tanzania and South Africa,” Mughal added.