The size of the global Islamic finance industry is expected to reach $5.9 trillion by 2026 compared to $4 trillion in 2021, driven by Islamic banks and sukuk, according to the 2022 Islamic Finance Development Index (IFDI) issued by Refinitiv, a subsidiary of the London Stock Exchange Group, which is one of the leading providers of Smart information for companies and specialists in the world, and the Islamic Corporation for the Development of the Private Sector, reports Al- Rai daily.
Malaysia topped the Islamic Finance Development Index list this year with a score of 113 points, followed by Saudi Arabia 74, Indonesia 61, Bahrain 59, Kuwait 59, UAE 52, Oman 48, Pakistan 43, Qatar 38 and Bangladesh 36. The report accompanying the index pointed out that the Gulf countries recorded the highest average score, while the United States and countries in Europe recorded the lowest scores. The Islamic Finance Development Index measures the extent to which the Islamic finance sector has developed in 136 countries based on financial performance, governance, sustainability, knowledge and awareness.
In this regard, Kuwait scored 42 in financial performance and ranked fourth in the world and second in the Gulf, 75 in governance, ranking fifth in the world and third in the Gulf, 20 in sustainability, 21 in knowledge and 157 in awareness, ranking second in the world and first in the region. The volume of assets of the Islamic finance sector in Kuwait amounted to $153 billion in 2021, making the country ranked sixth in the world and fourth in the Gulf, while the volume of assets of the Islamic finance sector in the Gulf amounted to one trillion and 617 million. And at the level of the value of the assets of the Islamic banking sector in Kuwait, it amounted to 134 billion in 2021, which made Kuwait rank fifth in the world and third in the Gulf after Saudi Arabia and the UAE.
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