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Growth and outlook of Islamic finance and economy

In this issue, the newsletter highlights the growth and outlook of Islamic finance and economy, with special focus on Malaysia despite the pandemic situation. The State of the Global Islamic Economy Report 2020/21 (the Report) estimated that Muslims spending on Islamic economic sectors reached USD2.02 trillion and Islamic finance assets recorded at USD2.88 trillion in 2019. Global Muslim spending is forecasted to decrease by 8% in 2020 due to the pandemic.

The Report also highlighted that Malaysia leads the overall Global Islamic Economy Indicator (GIEI) rankings for the eighth consecutive year. This includes retaining its top position for Islamic finance sector alongside three other sectors. For more information on the global Islamic economy amidst Covid-19 and Malaysia’s rankings in the Report, download the infographic below.


The MIFC Team
Download infographic
News

Malaysia is set to reach its 40% Islamic financing target

Malaysia’s Islamic finance penetration rate has grown steadily over the years and looks on track to reach the central bank’s target of 40% share of total financing by the end of 2020, notwithstanding the unprecedented Covid-19 pandemic.
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News

Islamic banking and capital market is expected to be stronger next year

The Economic Outlook 2021 report by the Ministry of Finance Malaysia accentuates that the ongoing promotion of Shariah-compliant products and digitalisation of services will provide the impetus for the country to position itself as a global hub for Islamic financial services.
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Press Release

Malaysian takaful industry continue to grow despite challenging times

The Malaysian takaful industry continued its upward trend in enabling more Malaysians to obtain new Family Takaful protection with New Protection Value of RM364.2 billion in 2020 (as at end 30 Sept 2020).
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News

Islamic banking has great potential in social financial instruments

Islamic banking has great potential to capitalise on Islamic social financial instruments such as zakat, waqf and alms which could be expanded to develop the underprivileged and communities affected by the economic uncertainty.
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Report

Malaysia as leading Islamic finance education centre

The newly launched Islamic Finance Knowledge Outlook Report 2020 by INCEIF and Refinitiv highlighted that Malaysia has the most developed Islamic finance ecosystem globally and is a leading centre for Islamic finance education.
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News

Sukuk issuances will continue to grow in 2020

Sukuk issuances is expected to grow from USD162 billion in 2019 to USD174 billion in 2020 as a means for government to meet funding needs post Covid-19.
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Press Release

SC introduces new framework to facilitate offering of Islamic funds with waqf features

The Securities Commission (SC) launched a new framework to facilitate the offering of Islamic funds with waqf features which is applicable to existing and newly launched unit trust and wholesale funds.
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News

IIFM publishes Ijarah Sukuk Standards

The International Islamic Financial Market (IIFM) published its Sukuk Al Ijarah Standard Documentation Templates to provide a standardised set of documents addressing challenges related to sukuk issuance documentation.
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News

Islamic finance to be the fulcrum of Labuan’s inclusive future

Labuan IBFC recognises the potential of the Islamic fintech landscape, with Islamic green financing being an important service to financial institutions. Islamic fintech is by nature financially inclusive, aims to promote economic well-being and creates socio-economic equitable distribution.
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Islamic Finance Dashboard
Upcoming Webinars
Legal Documentation for Sukuk and Islamic Funds
Date: 9 & 10 December 2020 

IFN Green and Sustainable
Date: 14 & 15 December 2020 

Legal Documentation for Islamic Financing

Date: 16 & 17 December 2020 
 
Islamic Finance Library
Global News on Islamic Finance
  1. Bank of England set to open alternative liquidity facility to support UK Islamic banks
  2. Egypt's cabinet approves sukuk law, will send to parliament
  3. Bangladesh Government issues sukuk guidelines
  4. Turkey launches new participation bank infrastructure
  5. Central Bank of Kuwait approves formation of Shariah supervision body
  6. Bangko Sentral ng Pilipinas sets liquidity risk controls for Islamic banks
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