Over the course of the last four decades, Islamic finance has evolved from a market with one institution in a single country in 1975, to one with more than 300 institutions operating in more than 75 countries today. Analysts estimate that total assets in the Islamic finance market are between US$750 and US$800 billion as of July 2009, and may exceed US$1 trillion in 2010. Among Asian countries, Malaysia’s role in Islamic finance is unique. This Asia Focus report explores the topic of Islamic finance and highlights Malaysia’s role in developing the Islamic finance market.