Page 67 - Full Book_24.4.2021

In Retrospect

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The Will to Suceed

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Achieving a Leading Repute
MOST DEVELOPED COUNTRIES IN
ISLAMIC FINANCE

High IFDI Value

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1 Paving the Way for a Sustainable Future

Malaysia

63
2

Adhering to the Best Governance Practices
Indonesia

3

Bahrain |

There remains a wide gap between Malaysia and other countries with a
presence in Islamic finance in terms of Islamic finance development indicators 4 Laying the Foundation for Financial Growth
(“IFDI”) value. This is reflected in the country holding first place in three of the
five main indicators (Quantitative Development, Knowledge, and Awareness)
and being second in Governance. There are also wide gaps between Malaysia UAE
and the second-ranked countries in individual indicators, suggesting it could
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take years for others to catch up. There are much smaller gaps between
the other countries in the top five, however, meaning some are capable
of improving their rankings if they can show improvement in their lagging
indicators. 5
Indonesia showed one of the most notable improvements in the IFDI country Additional Information & Disclosure Summary
rankings, moving into second spot for the first time as its Knowledge and Saudi Arabia
Awareness indicators were boosted by the country’s large number of Islamic
finance education providers and high numbers of research papers produced
and Islamic finance-related events hosted. This reflects the on-going |
implementation of the Islamic Economic Masterplan 2019 – 2024 introduced Low IFDI Value
by the government’s National Shariah Economy and Finance Committee
(KNEKS). Other notable improvers in the IFDI country rankings were Syria, 24 th AGM Information
the United States, South Africa and Thailand.