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  • The Islamic finance industry operates within a Darwinian business and financial environment that demands it adapt to constant change. Within this framework survival itself demands innovation and advancement that will both strengthen the very core of the industry as well as always keep it steps ahead of the curve. In the aftermath of the global financial crisis Islamic financial institutions, market players, regulators and other authorities have more purposefully sought out one another in order to improve the process of industry-wide cooperation and alignment. Reliable information and data are key to this exercise.

    ICD Thomson Reuters Islamic Finance Development Indicator is the true barometer of the state of the industry across its fundamentals. The Indicator aims to introduce a new way of measuring development by combining data of the different elements of the industry into a singular composite Indicator. This quantified information will help facilitate further comprehension of how the different parts of the market are developing over time.

    The Islamic Finance Development Indicator is a composite weighted index that measures the overall development of the Islamic finance industry by assessing the performance of all its parts in line with its inherent faith-based objectives. It is a global level composite indicator with selected national and industry component level indicators.

  • Global Indicator Level

    • Present one single indicator to provide a pulse of the global Islamic finance industry's health.
    • Provide an indicator that is reliable and unbiased.
    • Inform current and potential Islamic finance stakeholders/investors about the industry's performance.
    • Gauge future forecasts for the industry's growth.

    Country Indicator Level

    • Assess the current state and growth potential of Islamic finance in each country.
    • Highlight the performance of Islamic finance institutions in particular markets and its possible determinants.
    • Track changes over time and make comparisons across regions and countries.

    Specific Indicator Level

    • Measure the industry's growth from various perspectives.
    • Enhance Islamic Finance market transparency and efficiency.
    • Identify factors, problems and issues that prevent the growth of the industry.
    • Help market players formulate practical solutions to face current obstacles.
    • Assist in setting new targets, goals, standards for Islamic finance institutions and regulators.
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    IFDI Universe

    All OIC countries are included and all non-OIC countries with presence of Islamic financial institutions are included (92 countries).

    Data Collection

    The data employed in the Islamic Finance Development Indicator when aggregating data and computing indicator values included information that are publicly disclosed only. The employment of disclosed information ensures reliability and consistency of the results

    How does the IFDI work?

    The Islamic Finance Development Indicator is the true barometer of the state of the Islamic financial services industry across its fundamentals. It measures the industry's development by combining data of its different elements into a singular composite Indicator. This quantified information will help facilitate further comprehension of how the different parts of the industry are developing over time. The IFDI is derived from five fundamentals.

    Take Malaysia's Knowledge Indicator as an example

    Overall IFDI value is 93 (#1), derived from 5 fundamentals:

    • Quantitative Development Indicator value: 75 (#1)
    • Governance Indicator value: 82 (#2)
    • CSR Indicator value: 40 (#8)
    • Awareness Indicator value: 130 (#2)
    • Knowledge Indicator value: 140 (#1)

    Knowledge derived from 2 components:

    • Education Indicator value: 68 (#3)

    Derived from 2 components:

    • No. of institutes offering Islamic finance degrees
    • No. of institutes offering Islamic finance courses

    Research Indicator value: 211 (#1)

    Derived from 2 components:

    • No. of peer-reviewed journal articles
    • No. of other research papers

    To learn and read more about IFDI methodology, please click here

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Global Development Indicator (GDI)
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Global Development Indicator (GDI)

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Disclaimer
The Data for the ICD Thomson Reuters Islamic Finance Development Indicator and Report is brought to you by Zawya Islamic and supported by the Islamic Corporation for the Development of the Private Sector (ICD), Islamic Development Bank. The information is gathered in good faith from various sources believed to be correct at the time of publication, but whose accuracy cannot be guaranteed. The information should not considered as legal or professional advice or a substitute for advice covering any specific situation and we specifically disclaim all liability arising out of any reliance on this information.