profile search
latest updates
Press Release
10 Dec | Thursday
Malaysia leads the Islamic finance development globally for the eighth consecutive year
The Islamic Corporation for the Development of the Private Sector (ICD), the private sector development arm of the Islamic Development Bank (IDB) and Refinitiv, the world's leading provider of intelligent information for businesses and professionals, today released with the key findings of the eighth edition of the Islamic Finance Development Report.
 
According to the Islamic Finance Development Report 2020, the Islamic finance industry saw double-digit growth of 14% in 2019 to a total US$2.88 trillion in assets. This happened despite the uncertainty felt across the largest Islamic finance markets over the past few years due to sustained low oil prices and subdued industry growth in 2018.
 
The report provides a detailed look at the current state of the industry based on the Islamic Finance Development Indicator (IFDI) which considers five key indicators in the development of Islamic finance: Quantitative Development; Knowledge; Governance; Corporate Social Responsibility; and Awareness.
 
Malaysia remains to be the most developed country in Islamic finance globally as it continues to further improve its overall Islamic finance system. Malaysia is also ranked first globally in terms of Islamic finance quantitative development, knowledge and awareness. It is also second in terms of Islamic finance governance.
 
The total Islamic finance assets in Malaysia according to IFDI amounted to US$ 570 billion in 2019 and is mostly contributed by sukuk and Islamic banks. Apart from this, Malaysia is competing to become the global hub for Islamic FinTech. There were several Islamic FinTech players in the country in 2019, supported by the government’s two-decade-old digital strategy. By 2020, the digital economy contributed around 18% of the country’s GDP. In addition, Malaysia’s Securities Commission signed an agreement with Indonesia’s Financial Services Authority (Otoritas Jasa Keuangan) in August 2020 to establish a collaborative framework for developing FinTech ecosystems in each of their countries.

View report here
source: Refinitiv/Zawya
Print Mail Twitter LinkedIn Facebook Google+
Past Articles
2021
May
April
March
February
January
2020
December
November
October
September
August
June
February
January
2019
December
November
October
September
August
July
June
May
April
March
January
2018
December
November
October
September
August
July
June
May
April
March
February
January
2017
December
November
October
September
August
July
June
May
April
March
February
January
2016
December
November
September
July
June
May
April
March
2015
June
May
April
March
February
January
2014
December
November
October
September
August
July
June
May
April
March
February
January
2013
December
October
July
May
April
March
2012
December