MANAMA: Malaysia, Bahrain and the UAE lead the Islamic Finance Development Report and Indicator (IFDI) country rankings for the fifth consecutive year, while the GCC remains the leading regional hub for the industry.
This was a key finding of the fifth edition of IFDI released yesterday at the WIBC 2017.
The report is a joint project of Thomson Reuters and the Islamic Corporation for the Development of the Private Sector – the private sector development arm of the Islamic Development Bank.
The report studied key trends across five indicators used to measure the development of the $2.2 trillion Islamic finance industry which are: quantitative development, knowledge, governance, corporate social responsibility and awareness.
It also compiled extensive statistics on the industry from 131 countries and highlighted the best-performing countries within each key area of performance.
The IFDI global average value, which acts as a barometer of the overall industry’s development, recovered to 9.9 in 2017 from 8.8 in 2016. This reflected improved performances in each of the five indicators.
Countries in the Commonwealth of Independent States, Europe, East and West Africa saw notable improvements in their IFDI values, demonstrating the continued growth of Islamic finance in non-core markets.
“We have seen that the Islamic finance industry can serve as a strategic tool for policymakers for sustainable growth in order to cope with the aftermath of the economic slowdown that impacted markets such as the Middle East,” said Thomson Reuters in the Middle East and North Africa managing director Nadim Najjar.