Why Islamic finance now also interests non-Muslims

Islamic finance is no longer aimed only at Muslim investors. This is what underlines The Business Timesa leading economic and financial daily based in Singapore, in an article published on August 26, 2026. The newspaper, specializing in the economy, finance, businesses and Asian markets, gives the floor to Anurag Mathur, head of Islamic wealth management for the Maybank banking group.

According to him, the interest of Islamic finance goes far beyond just the religious question. Its principles impose a certain discipline in the choice of investments: look at what money actually finances, check the financial solidity of a company and avoid mechanisms relying too heavily on debt or speculation. One of the important principles concerns the limitation of excessive debt. A highly indebted company can be further weakened during periods of crisis or rising rates. The criteria of Islamic finance therefore lead to a close examination of the level of debt and the quality of a company’s balance sheet before investing in it.

Islamic finance also seeks to limit excessive speculation. The objective is to favor investments linked to real economic activity, to companies, goods or concrete projects, rather than only seeking a quick gain through very speculative operations. This approach encourages a more long-term vision. It also has an ethical dimension. Certain sectors are excluded and the investor is invited to question the activity he is financing. On this point, Islamic finance partly aligns with responsible investment and certain ESG criteria, which take into account environmental, social consequences and corporate governance. However, the two approaches are not identical: Islamic finance is based on the rules of Sharia law and has its own criteria.

The sector is also experiencing spectacular growth. Global Islamic finance assets reached $5.98 trillion in 2024, an increase of 21% in one year, according to the report Islamic Finance Development Report 2025. A level which shows that this finance now occupies a significant place in international markets.

Another instrument in full development: sukuk. Often compared to traditional bonds, they allow states or companies to raise capital while respecting the principles of Islamic finance. Unlike a bond that relies primarily on interest payments, a sukuk is generally linked to an income-generating asset, project or economic activity. In particular, they finance infrastructure, energy projects or economic development in the Gulf countries and Southeast Asia. Sustainable sukuk are also experiencing significant growth. More than 42 billion dollars were issued between 2017 and the first quarter of 2024 to finance environmental or social projects in particular. They illustrate the possible rapprochement between the principles of Islamic finance and the new objectives of sustainable finance.

Finally, this approach is not only about how to make your money grow. Islamic wealth management also places an important place on the transmission, responsibility and utility of wealth. For families and entrepreneurs, the question therefore becomes: how to develop your heritage, but also how to preserve it, transmit it and give it a purpose?

This development shows above all that Islamic finance is emerging from the framework in which it has long been confined. It is no longer presented only as finance intended for Muslims, but as an investment method capable of providing answers to concerns that have become very current: excess debt, speculation, lack of transparency or search for investments with a real impact. In a context marked by several successive financial crises, this approach can appeal to investors who seek greater stability and meaning, even without religious motivation.

For Anurag Mathur, Islamic finance guarantees neither better returns nor protection against crises. Its interest lies above all in the discipline it imposes: less excessive debt, more attention paid to the real economy, reflection on the impact of investments and a long-term vision. Principles that can ultimately interest investors, Muslims and non-Muslims alike.