Monetary and Banking Research Institute
Date:7/13/2020 2:43:25 PM   |   Code : 344789   |   View: 109

Investigating the indicators of Islamic financial development in Iran and the world in 2018

The Central Bank's Monetary and Banking Research Institute published a new report examining the indicators of Islamic financial development in Iran and the world in 2018 and presented its proposals.

According to the public relations of the Monetary and Banking Research Institute, the introduction of a new report by the MBRI that entitled "Study of the indicators of Islamic financial development in Iran and the world in 2018" states: In 2018, the Islamic financial industry in the world, especially in the Middle East, South and Southeast Asia, is growing rapidly. The 2018 report on Islamic financial development shows that the total value of the assets of the Islamic financial system increased from 2012 to 2017 with an average annual growth rate of 6% and from $ 2.2 trillion in 2016 at a rate of 11% growth, reached $ 2.4 trillion in 2017.

Meanwhile, Iran, Saudi Arabia, and Malaysia have the largest share of the Islamic financial market in terms of assets, and countries such as Cyprus, Nigeria, and Australia have been able to grow rapidly.

In this report, 131 countries in 8 different geographical regions have been evaluated in terms of Islamic financial development indicators. The sum of the scores assigned to these indicators of financial development in 5 areas of quantitative growth of education and research, supervision (governance), corporate social responsibility, and awareness (information) shows that Malaysia, Bahrain, and UAE are pioneers. Emerging Islamic financial markets with the most financial developments also belong to countries such as Iraq, Suriname, Nigeria, and Ethiopia.

Studies show that digitalization has emerged as a major development in various sectors of the Islamic financial industry and could transform the entire global financial system. The performance of each sector of the Islamic financial industry and the development of the ecosystem around it shows that the growth potential of this industry is high and the value of the assets of the Islamic financial system is expected to grow at an average annual growth rate of 10% by 2020 will reach $ 3.8 trillion. In the following, we will introduce the indicators of Islamic financial development and the ranking of countries separately for each of these indicators.

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