Monetary and Banking Research Institute
Date:7/13/2020 2:46:05 PM   |   Code : 344790   |   View: 98

Investigating the indicators of Islamic financial development in Iran and the world in 2019

The Monetary and Banking Research Institute of the Central Bank published a new report examining the indicators of Islamic financial development in Iran and the world in 2019 and presented its suggestions.

According to the public relations of the Monetary and Banking Research Institute, in the introduction of a new report conducted by the MBRI and entitled "Study of Islamic financial development indicators in Iran and the world in 2019", it is stated: Demand for services and products in accordance with Sharia is increasing rapidly around the globe; so that the value of Islamic financial assets with a growth of 3% in 2018 has reached $ 2.5 trillion.

Meanwhile, Iran, Saudi Arabia, and Malaysia each have the largest share of the Islamic financial market in terms of assets with assets worth more than $ 500 billion, and countries such as Morocco, Cyprus, and Ethiopia have been able to experience rapid growth.

Meanwhile, Sukuk has grown significantly compared to other sectors of the Islamic financial industry. For the first time, its global issuance has crossed the $ 1 trillion mark in 2018 and is expected to play a more prominent role in the coming years. In fact, in recent years, many markets have shown more interest in raising capital through Sukuk tools.

In this report, 131 countries in 8 different geographical regions have been evaluated in terms of Islamic Financial Development Indicators (IFDI). Total 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) show that Malaysia, Bahrain, and the UAE continue to be leaders in the development of Islamic financial markets, and emerging Islamic financial markets with the most financial development also belong to countries such as Uzbekistan and Ethiopia.

Studies show that digitalization has emerged as a major development across various sectors of the Islamic financial industry and can transform the entire global financial system. Meanwhile, developed markets continue to review Islamic financial regulations and frameworks, and Islamic financial technology (FinTech) has been able to develop significantly with the issuance of Sukuk on the Blockchain platform along with developments in the US and UK markets.

According to recent developments in various sectors of the Islamic financial industry and the surrounding ecosystem, forecasts show that the growth potential of this industry is high and the value of assets of the Islamic financial system with an average annual growth rate of 5.5 percent from 2018 to 2024, will be worth about $ 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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