Breadcrumb

Asset Publisher

null EPICENTRE December 2022: Malaysia continues to lead the IFDI global ranking for the 10th consecutive year

Newsletter

EPICENTRE December 2022: Malaysia continues to lead the IFDI global ranking for the 10th consecutive year
Malaysia continues to lead the IFDI global
ranking for the 10th consecutive year
 
In the recently published ICD-Refinitiv Islamic Finance Development Indicator (IFDI) Report 2022, Malaysia retained its first place in the overall ranking, for the tenth consecutive year. Malaysia also ranked first in four sub-categories, namely, financial performance, governance, awareness and sustainability. The report also covers growth prospects of the industry of which the global Islamic finance industry that is currently worth USD4 trillion in total assets in 2021 is expected to reach USD5.9 trillion by 2026. 
 
Download the infographic below to view the ranking, the Islamic finance industry landscape and the development of the ecosystem.

Drawing the 2022 curtain, this newsletter also provides a snapshot of key Islamic finance milestones in Malaysia throughout the year. Goodbye 2022, and Hello 2023!
The MIFC Team
Download Infographic
Report

Islamic Finance Development Report 2022: Embracing Change
The IFDI Report projected the Islamic finance industry to reach USD5.9 trillion in 2026, continuing its double-digit growth on the back of significant positive developments in new and emerging markets, complemented with several large-scale national plans and roadmaps at key Islamic finance markets.
Read More
Interview

Inside Malaysia's five-year insurance regulation framework
Speaking to Asia Insurance Review, Bank Negara Malaysia (BNM) Assistant Governor, Suhaimi Ali highlighted some of the main areas of development of the insurance and takaful sector.
Read More
Interview

Exclusive: Dr Mohd Daud Bakar, recipient of The Royal Award for Islamic Finance 2022
In an exclusive interview with IFN, world-renowned scholar Dr Mohd Daud Bakar, the recipient of The Royal Award for Islamic Finance 2022, shared his two cents about the Islamic finance industry, including its organic growth, opportunities, areas to grow and how he thinks certain recent developments have been “too strict and too literalist”.
Read More
News

SC Unveils Principles-Based Sustainable and Responsible Investment Taxonomy for the Malaysian Capital Market
The Securities Commission Malaysia (SC) unveiled the Principles-Based Sustainable and Responsible Investment Taxonomy for the Malaysian Capital Market (SRI Taxonomy) which will provide universal guiding principles for the classification of economic activities that qualify for sustainable investment.
Read More
News

BNM invites written feedback on Exposure Draft on Licensing and Regulatory Framework for Digital Insurers and Takaful Operators
BNM issued the Exposure Draft on Licensing and Regulatory Framework for DITOs for written feedback following the issuance of the Discussion Paper earlier this year, to be submitted by 28 April 2023.
Read More
News

MTA, INCEIF University to develop Maqasid al-Shariah based VBIT scorecard for takaful
The Malaysian Takaful Association (MTA) is collaborating with INCEIF University to develop the value-based intermediation (VBIT) scorecard for takaful on the basis of Maqasid al-Shariah through industry-driven research which will enable the Malaysian takaful industry to accurately measure their business and non-business performance.
Read More
News

Islamic Finance 2022-2023: Same constraints, new opportunities
S&P Global Ratings expects stronger economic growth in core Islamic finance countries and will boost industry assets about 10% during 2022–2023.
Read More
RECAP: Key Islamic finance developments and milestones in Malaysia in 2022
In January, BNM launched the Financial Sector Blueprint 2022 – 2026 which sets out BNM's development priorities for the financial sector over the next five years, including in Islamic finance.
In April, BNM announced the five successful applicants for the digital bank licences of which two applicants are to be licensed under the Islamic Financial Services Act 2013.
In July, the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) released the Value-based Initiative (VBI) 2021 Report which recorded the industry has intermediated RM146.6 billion in VBI-aligned initiatives (from October 2020 until September 2021).
In October, BNM and SC announced the establishment of the Malaysia International Islamic Financial Centre (MIFC) Leadership Council. The Council serves as a platform to provide industry stewardship in enhancing Malaysia’s proposition as a global marketplace and an international gateway for Islamic finance.
The Malaysian Takaful Association (MTA) launched the Value-based Intermediation for Takaful (VBIT) Roadmap in October to complement the VBIT framework. The VBIT Roadmap, which entails action plans and expected deliverables, aims to assist the takaful industry players in implementing key initiatives to unlock the potential of the industry towards a more sustainable finance ecosystem.
Upcoming Events
www.mifc.com
@MalaysiaIF
Email MIFC
Malaysia World's Islamic Finance Marketplace
Copyright © 2022 Bank Negara Malaysia. All rights reserved.
Please log on to www.mifc.com for more information. 
 
DISCLAIMER: The copyright and any other rights in the selection, coordination, arrangement and enhancement of the information in this electronic newsletter are owned by Bank Negara Malaysia. No part of this electronic newsletter may be modified, reproduced or published without prior permission in writing from Bank Negara Malaysia and the relevant copyright owner. Although every effort has been made to ensure the timeliness, accuracy, adequacy and completeness of this electronic newsletter, Bank Negara Malaysia accepts no responsibility or liability for errors or omissions, if any. The information contained in this electronic newsletter is only up-to-date at the time of transmission, and is not exhaustive and may be updated from time to time on the website: www.mifc.com. Bank Negara Malaysia shall not be liable for loss or damage caused by viruses transmitted by this electronic newsletter. Bank Negara Malaysia is not responsible for any unauthorised changes made to the information in this electronic newsletter or for the effect of such changes. Bank Negara Malaysia appreciates any feedback or suggestions for improvement.