Appendix

1. Glossary: Key terms in Islamic finance

2. Modes of Islamic finance and associated products and services

3. Methodology for estimating Islamic finance assets

The calculation of Islamic finance assets for 2024 is based on a combination of data collection and estimation of growth based on historical performance of selected top Islamic finance markets (that form 95 per cent of total Islamic finance assets globally with the exclusion of Iran). The historical and projected data were based on the ICD-LSEG Islamic Finance Development Indicator 2024, while the 2024 data was based on the following:

Islamic banking: The segment’s 2024 assets were compiled from top Islamic finance markets’ latest reported financials, from annual or quarterly reports. The markets are Bahrain, Bangladesh, Indonesia, Kuwait, Malaysia, Oman, Pakistan, Qatar, Saudi Arabia, Türkiye, and the UAE. For the rest of the countries, given that most of the Islamic banks are not public or did not disclose financials by the time of drafting this report, a similar growth rate of the top markets is applied across the other markets. The 2024 data is compiled from the same sources used in the ICD-LSEG Islamic Finance Development Indicator.

Takaful and other Islamic financial institutions: Given the unavailability of 2024 data from most of the institutions at the time of drafting this report, the same growth rate of top Islamic banking markets is applied.

Sukuk: LSEG Workspace database.

Islamic funds: LSEG Lipper database.

4. Methodology for the global corporate survey

Standard Chartered’s 2025 Capital Structure & Rating Advisory (CSRA) survey provides a global perspective on corporate financial priorities and risks. In February 2025, we engaged nearly 300 of the world’s largest corporates across 19 sectors to better understand their evolving agendas, the challenges they face, and the policies they are reshaping in response. The survey covered themes ranging from key risks and priorities for the year to liquidity and working capital management,
debt and capital allocation, as well as the growing roles of ESG, Islamic banking and RMB financing. The findings are embedded throughout this report in the relevant sections.