Tawreeq Holdings, the world’s first provider of comprehensive Sharia-compliant Supply Chain Finance (SCF) solutions, is the strategic partner with Thomson Reuters and the Islamic Corporation for the Development of the Private Sector in the launch of the Islamic Finance Development Indicator (IFDI) Report 2015.
The IFDI Report by Thomson Reuters, the world’s leading provider of intelligent information for businesses and professionals, and Islamic Corporation for the Development of the Private Sector (ICD), the private sector development arm of the Islamic Development Bank (IDB), was launched at the World Islamic Banking conference (WIBC) held in Bahrain under the patronage of His Royal Highness Prince Khalifa bin Salman bin Hamad Al Khalifa, Prime Minister of the Kingdom of Bahrain.
The IFDI report examines the key trends and statistics that are the cornerstone for the nearly two trillion Islamic Finance Industry. The report is one of the key releases to assess the developments across the industry and overall health of Islamic Finance.
The report tracks the development across five major indicators that are deemed the pillars for the industry and are tracked across 108 countries which had contributions in all or in part in the indicators; the indicators include Quantitative Development, Knowledge, Governance, Corporate Social Responsibility and Awareness.
The United Arab Emirates have moved forward to come third, switching positions with Oman that came in fourth. The GCC countries dominate the top rankings of the IFDI, however Malaysia leads the IFDI again. Progress has been seen in rankings for new countries with positive improvements recorded for Pakistan, Jordan, Hong Kong, India, Botswana and Ivory Coast are some of the countries that have demonstrated positive movements in the IFDI 2015 ranking.
Islamic Finance assets have continued the positive uptrend to reach $1.814 trillion in 2014, expanding by 9.4% from $1.66 trillion in 2013. The growth was led by expansion across all sectors including Islamic banking, takaful, sukuk, and Islamic funds.
The positive outlook is still seen for the industry with projected growth in the value of Islamic finance assets by 10% per annum over the next five years, reaching $3.24 trillion by 2020.
“The positive outlook for the Islamic finance industry only goes in tandem with expansion of the Islamic economy; to empower the growth and positive trend in the sector innovation to meet the requirements of businesses and especially SMEs is of the essence.” Said Haitham Al Refaie, Tawreeq Holdings Chief Executive Officer.
Very interesting findings and reports on the development in the Islamic Finance industry, you can also find the leadership article from Tawreeq Holdings CEO “ISLAMIC FINANCE TOMORROW: PROMISING HORIZONS FOR INNOVATION AND SUSTAINABILITY”. Download
ICD Thomson Reuters Islamic Finance Development Report 2015 is sponsored by Tawreeq Holdings, the only Sharia-complaint SCF provider: Link
