ICD Thomson Reuters Islamic Finance Development Report 2017
#IFDI2017ICD-THOMSON REUTERSISLAMIC FINANCE DEVELOPMENT report 2017TowardsSustainabilityA Joint Initiative ofIslamic Corporation for theDevelopment of the Private SectorIslamic Finance Development Report 20171
Contents78FOREWORD6Governance Indicator Performance In 2017Regulation Sub-indicatorShariah Governance Sub-indicatorCorporate Governance Sub-indicatorExecutive Summary94121417182228324246546064 Knowledge IndicatorKnowledge Indicator Performance in 2017Education Sub-indicatorResearch Sub-indicatorIslamic Finance Development Report 2017Corporate SocialResponsibility Indicator112118666872104106108110Methodology and AppendixIFDI Concept and BackgroundKey ObjectivesCountry ListContributorsThoughtLeadership andInterviews22Enabling Enterprise,Building ProsperityThe Islamic Corporation for theDevelopment for Private Sector36The Growth and Futureof Islamic Finance102 Awareness IndicatorAwareness Indicator Performance In 2017Seminars Sub-indicatorConferences Sub-indicatorNews Sub-indicator26 QuantitativeDevelopment IndicatorQuantitative Development Indicator Performance In 2017Islamic Banking Sub-indicatorTakaful Sub-indicatorOther Islamic Financial Institutions Sub-indicatorSukuk Sub-indicatorIslamic Funds Sub-indicator80828692Corporate Social Responsibility Indicator Performance In 2017 96CSR Funds Disbursed Sub-indicator98CSR Activities Sub-indicator100Global Islamic FinanceDevelopment IndicatorThe Islamic Finance Development Indicator 2017Top Performing MarketsIFDI Regional PerformanceIslamic Finance OutlookGovernance Indicator114115117Mubashar Khokhar, ManagingDirector and CEO of Bank IslamBrunei Darussalam50The Ethical Investor’s Guideto Shariah-Compliant InvestingThomas J. Hochstettler,PhD, Founder of IslamicInvestment Compass (IICompass)76Executive interview withMohammad Farrukh RazaManaging Director of IFAAS (IslamicFinance Advisory & Assurance Services)and Member of AAOIFI’s Governance& Ethics Board3
FOREWORDThe Islamic finance industry has been accommodating growing demand for Shariah-compliant financefor more than 40 years, but as it moves towards greater maturity it has become essential that thereis a simplified tracker of its ongoing development. The Islamic Finance Development Indicator (IFDI)addresses this need by measuring the health of the US 2.2 trillion industry across five broad indicatorscovering 131 countries. We recommend that all components of these indicators are integrated withinall jurisdictions’ Islamic finance ecosystems to maintain the industry’s growth.It thus gives us a great pleasure in presenting the fifth edition of the Islamic Finance DevelopmentReport based on IFDI data. We intend this report to make simple and clear the fragmented elementsof the Islamic finance industry and to provide exclusive insights and analysis that will benefit the widerworld. We would also like to acknowledge the contributions of external authors from a wide range ofbackgrounds and markets, who have offered their expertise to provide a greater depth and breadthof knowledge in the industry.This year’s report examines the condition of the Islamic finance industry in the wake of the financialmarket and economic slowdowns caused by the dramatic decrease in oil revenues in some of theindustry’s main markets. The data for 2016 make it clear that the industry is continuing to grow anddevelop despite the slowdown. Islamic finance and economic updates through 2016 and 2017 alsomake it evident that Islamic finance can serve as a strategic tool for policymakers to cope with theslowdown, especially in the Middle East. This can be seen in the many steps taken by governmentsand regulatory authorities such as introducing new regulations for the Islamic finance sector, raisingawareness of the industry among potential market players through hosting seminars, or building aroadmap to plot development of the overall industry.All of these actions look set to drive further development of the industry in its different jurisdictions, ashighlighted throughout the report. The report also looks into the other key trends shaping the industrysuch as the potential of financial technology, or fintech, to shape the future of the industry, as well asconsolidation among Islamic financial institutions and the growth of socially responsible investment.Given these developments, we have no doubt that the Islamic finance industry will continue to flourishover the next years, and predict the industry to reach US 3.8 trillion by 2022, from US 2.2 trillion atthe end of 2016.Khaled Al-AboodiChief Executive Officer,Islamic Corporation forthe Developmentof the Private Sector4Mustafa AdilHead of Islamic FinanceThomson ReutersIslamic Finance Development Report 2017
ABOUTTHOMSON REUTERSIslamic FinanceThomson Reuters is the leading global providerof intelligent information to the leading decisionmakers in the financial and risk, legal, tax andaccounting, intellectual property, science andmedia markets.Combining industry expertise innovative technology, ourGlobalinformation services cover deep coverage of Islamic financeInformation news, market insights and Shariah-compliant pricing data,indices, screening solutions, regulation, standards, andProvidermore.LeadingResearchHouseBuilt on the back of the world’s most extensive datacapabilities, we leverage global networks to provideprimary source intelligence on markets, industries andinstitutions to a wide range of sectors, including Islamicfinance and broader Islamic economy.GlobalGrowthSolutionsThomson Reuters consulting professionals includerenowned experts with subject-matter know-how andextensive experience in all major areas of the Islamicfinancial services industry, including deep understanding ofShariah law.GlobalCommunityWith more than 100,000 clients in over 30 industries inmore than 100 countries worldwide, we have built a growing global network with major decision making executivesfrom top governments and leading institutions.Salaam Gateway is the global reference for industryintelligence, news, information, and data from theIslamic Economy. Our news and research resourcesand extensive database of Islamic Economy companiesfrom across the globe, help professionals to advancetheir businesses and fuel their innovations. Our insightsand intelligence come from Islamic Economy experts,industry analysts, and thought leaders.www.SalaamGateway.comTO VIEW OUR IFG RESEARCH SOLUTIONS: o contact us, please go to t with Us:Facebook.com/IFGatewayTwitter.com/IFGateway
EXECUTIVESUMMARYThe Islamic finance industry has reverted togrowth after a brief downturn caused by low oilprices and stumbling economies in some of itskey markets, with total industry assets growing7% in 2016 to US 2.2 trillion. Governance inparticular made strong gains as governmentssaw the industry as one way to rekindle theireconomies. Islamic finance may be young, andstill tiny in comparison with the global financialindustry, but the industry’s rapid developmentsuggests it will continue to grow.The ICD Thomson Reuters Islamic FinanceDevelopment Indicator (IFDI) presents thekey numbers behind that growth, coveringthe entire Islamic finance ecosystem in termsof Quantitative Development, Knowledge,Governance, Corporate Social Responsibility,and Awareness. Measurements have been takenfor 131 countries, up from 124 in last year’s report.This fifth annual IFDI report looks in detail at thedrivers of the industry’s renewed expansion, itstop performers, and the trends that will propelfuture growth.6Islamic Finance Development Report 2017
IFDI GLOBAL INDICATOR :Recovery in confidence puts industry back on trackQUANTITATIVE DEVELOPMENT INDICATOR :Institutions and governments adapting to economic conditionsThe IFDI average value recovered to 9.9 for 2017 from 8.8 last year as each ofthe five main indicators it measures rose. The overall gain shows a recovery inconfidence following economic slowdowns in some of the core Islamic financemarkets after oil prices tumbled in 2014. The main contributors were theQuantitative Development (QD) indicator measuring the industry’s size, due toimproved financial performances, and Governance, as authorities stepped upefforts to strengthen Islamic finance oversight.QD advanced the most of the five indicators, to 5.7 from 4.3, though it remainsthe weakest. Progress was assisted by a partial recovery in oil prices in 2016 thatboosted government revenues in the GCC – a region that holds 45% of globalIslamic finance assets. It was also helped by the improved performances of Islamicfinancial institutions and funds in that region and others around the world.The leading country in IFDI remains Malaysia and the leading region the GCC.Countries including Tunisia, Morocco, Iraq, Russia, Spain and Poland saw notabledevelopments in their IFDI values and improved their rankings.Given these developments, total Islamic finance assets are expected to growto US 3.8 billion by 2022 from US 2.2 billion in 2016 – a compound annualgrowth rate of 9.5%.In order to adapt to the straitened economic conditions, Islamic financialinstitutions have been pursuing efficiencies and governments have been workingto better support the Islamic finance industry. There has been an increase inindustry consolidation, with mergers agreed between various Islamic banks andtakaful operators in the GCC, Indonesia, Malaysia and Pakistan. At the same time,governments in Iraq, Morocco, Algeria and Tunisia are turning to Islamic finance toattract investment in the face of weakened government revenues.Newcomers to the industry within major Islamic finance hubs may soon includeFintech companies given the growth in supporting financial technologyecosystems. Islamic finance has also begun attracting new financial institutionsbeyond its traditional centres, as seen in Russia, Africa and South America.The single area of weakness within QD was Sukuk, which failed to match theimprovements shown by other QD sub-indicators despite the addition of newplayers such as Togo. Previous major sukuk issuers such as the governments of theGCC resorted to issuing conventional bonds during the period covered in order toreduce issuance costs.However, Sukuk’s outlook remains bright. A new sovereign sukuk giant, SaudiArabia, issued its first domestic and international sukuk in 2017. Other countries arealso planning to issue sukuk in order to reduce budget deficits, or are encouragingcorporate issuance through newly introduced tax concessions. Another noteworthytrend is the push towards socially responsible sukuk, which are a milestone on theroad towards Shariah-compliant socially responsible investment (SRI) funds.Islamic Finance Development Report 20177
EXECUTIVE SUMMARYKNOWLEDGE INDICATOR :Islamic finance education and literacy could be improvedby government initiativesGOVERNANCE INDICATOR :Islamic finance governance takes the lead in IFDIThis indicator, which encompasses education and research, edged up to 7.8from 7.6, with growth recorded for both sub-indicators. Between 2014 and 2016,Islamic finance research increased to 2,581 papers produced by 830 differentaffiliations including universities. These included 1,751 peer-reviewed articlespublished by 728 journals. The countries with the highest number of researchpapers were also amongst the most-covered countries in those papers.Governance became the most developed of the five main indicators as its value jumped to 14.0 for 2017 from 11.3 in 2016, marginally surpassing Awareness.Takaful was a particular area of interest to regulators, with countries includingKenya, Oman and Uganda amending insurance laws to accommodate Shariahcompliance. Turkey and Tanzania plan to follow suit. Sukuk also received its fairshare of government attention, with the introduction of tax concessions in Turkey, Pakistan and Nigeria to encourage corporate issuance.The number of Islamic finance education providers around the world increasedto 677. Of these, 190 provided a total 322 Islamic finance degrees coveringsubjects such as Islamic banking, finance and economics. The majority wereMaster’s degrees, followed by diplomas. There were also government initiativesto improve education and literacy in Islamic finance in Indonesia, Malaysia andBahrain.There were 44 countries in 2016 with specific Islamic finance regulations, 12countries with centralised Shariah boards, and 1,075 Shariah scholars involvedin industry governance. Efforts are being made to further tighten Shariah governance, as shown by a growing emphasis on appointing external Shariah auditorsfor Islamic banks in the core markets. External Shariah scholars and centralizedShariah boards are likely to become much more common following the scandalcaused by the announcement by Dana Gas in June 2017 that its sukuk were nolonger Shariah-compliant and its repayments therefore unenforceable.The Corporate Governance sub-indicator remained weak, however. Only 55%of Islamic financial institutions released financial reports, and a majority of institutions scored low on disclosure. However, efforts have been made to improveIslamic banks’ corporate governance in Brunei and Jordan and transparency inPakistan and Saudi Arabia.8Islamic Finance Development Report 2017
EXECUTIVE SUMMARYCORPORATE SOCIAL RESPONSIBILITY INDICATOR :Improvements in both performance and disclosureAWARENESS INDICATOR :Seminars and conferences address Islamicand ethical finance mutual valuesThe Corporate Social Responsibility (CSR) indicator value rose to 7.9 for 2017from 7.1 for 2016, in line with improvements in both performance and disclosureby Islamic financial institutions. A total US 683 million in CSR funds weredistributed in 2016, up 18% from 2015. However, even though there was anincrease in the number of Islamic financial institutions reporting CSR activitiesin 2016, the average disclosure score remained low as many items were still notreported.The Awareness indicator’s average value moved up very slightly, to 13.9 from13.8, and as a result it dropped to the second most developed indicator afterGovernance, for the first time since the introduction of IFDI in 2013.There were several developments in 2016 that may contribute to stronger CSRreadings in the future. In Indonesia, disbursement of socially responsible fundsby Islamic financial institutions is set to grow as the government strengthens thegovernance and management of zakat and waqf instruments, which it hopeswill increase trust in the industry and boost financial inclusion.Malaysia has introduced the concept of the ‘charity house’, in which Islamicbanks will invest donations and disburse profits to designated charities. Aspecial task force has been established to study the idea. Also, Malaysia’s centralbank has released a paper on ‘Value-Based Intermediation’ to help Islamic bankscontribute to the social good without impairing financial performance.In the UAE, Dubai has established the Awqaf International Organization toimprove the management of funds used to fund social projects such as schoolsand mosques. It is aimed at improving efficiency and economies of scale whiledeveloping a set of awqaf standards.Islamic Finance Development Report 2017The number of Islamic finance news items edged slightly higher, but the Newssub-indicator’s average value was a little down on the previous year becauseof the slower growth. The Seminars sub-indicator saw strong growth, however,mainly on the back of an increase in seminar numbers in Africa. Some Africancountries also made bigger contributions to the Conferences sub-indicator,with Morocco, Tunisia, Kenya and Djibouti taking places on the sub-indicator’sleaderboard. The Conferences sub-indicator ended a touch lower, however.Many of the seminars and conferences in 2016 examined the mutual valuesshared by Islamic finance with ethical and socially responsible finance. This canbe seen in the rise of Islamic microfinance seminars held in countries includingNigeria, Pakistan and Sudan, and events in Spain and the UK that explored theinteraction between Islamic and ethical finance.As for news, while developments within the GCC’s Islamic finance industrydominated, regulatory developments are beginning to receive wider coverage,particularly where they concern Shariah governance, Islamic banking regulation,and sukuk tax concessions.9
EXECUTIVE SUMMARYIslamicFinanceDevelopmentLandscapeIslamic FinanceDevelopment Indicator (IFDI)Average Indicator Values20131020141020151020162017910Average Indicator 1512620164201736Average Indicator Values2013KnowledgeIndicatorTop Three countries1 Malaysia2 BahrainTop Three countries1282015820168201783Average Indicator ValuesGovernanceIndicator3 UAE122014121120161120171214Average Indicator Values2013CSRIndicator201620178738Average Indicator manTop Three countries17201431292015MalaysiaTop Three countries112014KuwaitTop Three countries20132015IranTop Three countries72014Malaysia123MalaysiaBahrainUAEIslamic Finance Development Report 2017
EXECUTIVE SUMMARYQUANTITATIVEDEVELOPMENTINDICATORTotal Islamic Finance Assets(US Billion)Islamic Finance Assets Growth (2012 – Number of Islamic FinanceResearch Papers Publishedin 20161,9311,741Knowledge1,698683Number of Islamic FinanceEducation Providers in illion7%Islamic Banking1,598,881 73%Growth in IslamicFinance Assets in2016Takaful42,536Top Countries in IslamicFinance Assets Total Islamic Finance Assets(US Million)Islamic Finance Development Report 20176%Sukuk344,77016%Total Number of ScholarsRepresenting IslamicFinancial Institutions in 20162.61 / 11Average CSRDisclosure by IslamicFinancial InstitutionsUS 683millionIslamic funds91,2334%Total Assets(US Million)1,075CSR2%Other IFIs124,414Countries have at LeastOne Type of Islamic FinanceRegulation in 2016Average Financial ReportingDisclosure IndexIslamic Finance Assets Distribution (2016)Total IslamicFinance Assetsin 20164431.40/702022PROJECTED GROWTHUS 2.2GovernanceShare of Total IslamicFinance AssetsTotal CSR Funds Disbursedin 2016 by Islamic FinancialInstitutionsAwareness21,964Number of Islamic FinanceNews Items in 2016417Number of Islamic FinanceEvents in 201611
GLOBAL ISLAMICFINANCE DEVELOPMENTINDICATOR12Islamic Finance Development Report 2017
The ICD Thomson Reuters IslamicFinance Development Indicator (IFDI)is designed to represent the overallhealthand development of theIslamic finance industry worldwideusing one composite and weightednumerical measure.Islamic Finance Development Report 201713
ISLAMIC FINANCE DEVELOPMENT INDICATORThe Islamic FinanceDevelopment Indicator 2017The Islamic Finance Development Indicator (IFDI) provides rankingsand profiles for different Islamic finance markets around the world,drawing on instrumental factors grouped into five broad areas of development (the main indicators). The indicator does not just focus on theoverall size and growth of Islamic finance sectors in different countries;it instead evaluates the strength of the overall ecosystem that assists inthe development of the industry.The key methodology highlights used are : Equal weights have been given to each of the five indicators because of their equal impact on the development of the industry. A total of 55 different metrics across 131 countries have been usedin IFDI 2017. Three rationalizing coefficients were used to adjust indicator values to each country’s size: population, gross domestic product,and total banking assets.(The full methodology is detailed in the appendix.)The five main indicators for the IFDI are weighted indices representing different sub-indicators, which evelopmentKnowledgeGovernance Islamic Banking Takaful Other IslamicFinancial Institutions Sukuk Islamic Funds Education Research Regulations Shariah Governance Corporate GovernanceCorporate SocialResponsibility CSR Activities CSR Funds DisbursedAwareness Seminars Conferences NewsIslamic Finance Development Report 2017
ISLAMIC FINANCE DEVELOPMENT INDICATORRebound in 2017 IFDI value shows faith in the industryThe Islamic Finance Development Indicator global average value recoveredto 9.9 for 2017, from 8.8 for 2016, with stronger performances by all of themain indicators.Governance jumped to 14.0 in 2017 from 11.3 in 2016, taking top spot forthe first time from Awareness, which edged up to 13.9 from 13.8. Manygovernments have been stepping up regulatory and governance efforts inorder to develop their Islamic finance industries and attract market players.These efforts demonstrate governments’ faith in the ability of Islamicfinance to boost struggling economies.A strong showing for Governance had been expected anyway after theindustry faltered before the 2016 report and governments began tointervene to rekindle their economies.By stepping up Governance, governments also increased Awareness,as news releases, seminars and conferences are some of the best toolsavailable to support their governance initiatives and objectives. Governanceand Awareness are in this way mutually supporting, as are each of the mainindicators.Just as the Awareness indicator recorded marginal growth, so too didKnowledge, which measures education and research. The Knowledgeindicator rose to 7.8 for 2017 from 7.6 in 2016.A partial recovery in the Corporate Social Responsibility indicator to 7.9 for2017 from 7.1 for 2016 hinged on a recovery in Quantitative Development,as improved financial performances for some Islamic financial institutionsallowed them to refocus on their CSR initiatives. QD recovered to a 2017indicator value of 5.7 from 4.3 in 2016, though still short of 2015’s level of 6.4.Islamic Finance Development Indicators Averages (2013 – 2017)Average Indicator ValuesIndicatorIslamic FinanceDevelopment Indicator 13.010.916.6Islamic Finance Development Report 201715
ISLAMIC FINANCE DEVELOPMENT INDICATORIslamic Finance Development Indicator Values by Country for 2017The countries’ IFDIvalues range from 0 to 129,the highest is achieved by thetop performing country.When averaging theIFDI values in all for all131 countries in the IFDIuniverse, we get the GlobalAverage Indicator Value of 10.31 out of 131 countries (24%)achieved indicator valuesabove the global average.16IFDI SCORE0-34-1415-29 30Top 10 countriesIslamic Finance Development Report 2017
ISLAMIC FINANCE DEVELOPMENT INDICATORTop Performing MarketsIslamic Finance Development Indicator 2017 Top PerformersIFDI2017 RankIFDIIFDI 52108521663United Arab 546284367331006Kuwait51752157245737Saudi 1263112Maldives3212171363333613Sri 122125812922Islamic Finance Development Report 2017IFDI valuesrecover for mostleaders to levelsseen beforeoil price crashThe leading 15 countrieson the IFDI indicator arefrom Islamic finance’s fourdominant regions :the GCC, Southeast Asia, OtherMENA, and South Asia. The topfour countries – Malaysia, Bahrain,the UAE and Oman – were thesame as in both IFDI 2016 and2015. Palestine dropped out ofthe top 15, while Tunisia jumpedinto 14th place from 17th.Of the 15 leading countries, 13saw their IFDI indicator valuesrise to levels seen before theeconomic slowdowns sufferedby GCC and other countries onthe back of falling oil prices.17
ISLAMIC FINANCE DEVELOPMENT INDICATORIFDI Regional PerformanceSoutheast AsiaIndonesia and Brunei most improvedbut Malaysia stays topThe GCCQD recovery puts GCCback on trackRegionalRankingNumberof IValueGrowthin AverageIFDIRegionalRankingNumberof CountriesCovered607%2nd8AverageIFDIValueGrowthin AverageIFDI3121%BahrainMalaysiaThe GCC region’s average performance recovered for IFDI 2017 after theslight downturn of the previous year. The main driver of this was the QDindicator, which improved across each of its sub-indicators. QD was theonly indicator to gain for all of the GCC countries, helped by a partialrebound in oil prices to US 55 per barrel from US 30 at the beginningof 2016. This boosted the performances of several industry sectors suchas Islamic banking and Islamic funds. Despite this, the GCC’s IFDI valuerose less than for other regions, as the other indicators apart from QDperformed less consistently well depending on country.Southeast Asia also recovered for IFDI 2017, after QD dragged Malaysia andIndonesia lower last year. As in the GCC, the QD indicator led the recovery.Though Malaysia remained the region’s most developed Islamic financemarket, it didn’t have the most improved performance in either IFDI or QDvalues. The Malaysian ringgit depreciated by 4% in 2016 due to economicconcerns, particularly over emerging markets’ US trade following theelection of Donald Trump as US President. As a result, Malaysia’s totalIslamic finance assets declined 3% to US 406 billion in 2016. However,Malaysia remained world leader in sukuk, with a similar level of issuance asin 2015, and maintained its unbeatable performance in some of the rest ofthe indicators, resulting in a world-high IFDI value of 129.Oman improved the most of the GCC countries. This was mainly due to theissuance of a number of sukuk and an improved regulatory infrastructurefollowing the introduction of sukuk and takaful laws in 2016. Othercontributing factors included a higher total of CSR funds disbursed and arise in the number of seminars targeting the Islamic finance industry.18TopPerformingCountryThe most improved performances were by Indonesia and Brunei.Indonesia’s rupiah, like the ringgit, was impacted by the US election, buta rebound in the currency by the end of 2016 contributed to growth inIndonesia’s total Islamic finance assets. Another contributor to that growthwas an increase in Indonesia’s sukuk outstanding following a rise in sukukissuance. Knowledge and Awareness also improved.Despite this, Brunei was the biggest gainer in Southeast Asia as it improvedacross all indicators and its much smaller size compared to Indonesiaaffected their rationalizing coefficients.Islamic Finance Development Report 2017
ISLAMIC FINANCE DEVELOPMENT INDICATOROther MENABest performances drivenby different indicatorsSouth AsiaSukuk helps Pakistan shine while Awareness andKnowledge drag Bangladesh lowerRegionalRankingNumberof IValueGrowthin AverageIFDIRegionalRankingNumberof ageIFDIValueGrowthin AverageIFDI1712%PakistanJordanSouth Asia has three countries ranked in the IFDI top 15: Pakistan, theMaldives and Sri Lanka. Although Bangladesh has the region’s largestIslamic finance market, with assets totaling US 29 billion in 2016, it hadlower Awareness and Knowledge indicator values. This pulled the country’sranking down to 17th, compared with Pakistan’s 5th, the Maldives’ 12th andSri Lanka’s 13th. If Bangladesh is to regain its position, it needs to improvein both indicators.The Other MENA region had a mixed year. Although QD was the mostimproved indicator for the region as a whole, the most improved countrieshad different reasons for their gains.Governance was the strongest indicator for the region, with all subindicators showing strong values. Corporate Governance was the mostdeveloped sub-indicator, as most South Asian Islamic financial institutionshave high levels of financial disclosure. As in the other major IFDI regions,QD was the most improved indicator for Southeast Asia for IFDI 2017.Pakistan’s rise to 5th place in the global IFDI 2017 rankings was helpedby a return to the international sovereign sukuk market after two years’absence, along with locally denominated sukuk issuance and an improvedperformance by Islamic funds. Pakistan is also turning to Islamic finance tohelp fund infrastructure projects as part of the China-Pakistan EconomicCorridor (CPEC).Islamic Finance Development Report 2017Tunisia’s Governance indicator value was boosted by the introductionof Islamic banking and Shariah governance laws, while Iran’s QD valueincreased the most due to much-improved mutual fund performances anda stronger OIFI (other Islamic financial institutions) sector.Morocco’s gain was supported by the Awareness and Knowledge indicatorsas the government prepared to allow Islamic financial institutions tooperate by increasing public awareness through events and knowledgethrough research papers.Iraq jumped 14 places in the rankings with the addition of several newIslamic banks and as a rise in the number of Shariah scholars in thecountry boosted its Shariah Governance value. Iraq’s Governance andCSR readings also improved, as a result of the listing of Islamic banks onthe country’s stock exchange, which necessitated greater transparency intheir financials, corporate governance, and CSR activities.19
ISLAMIC FINANCE DEVELOPMENT INDICATOROther AsiaOpportunities emerge in CIS,Russia and ChinaSub-Saharan AfricaGovernance, Awareness and QDdriving strong growthRegionalRankingNumberof DIValueGrowthin AverageIFDIRegionalRankingNumberof CountriesCovered529%6th14AverageIFDIValueGrowthin AverageIFDI317%NigeriaKazakhstanSub-Saharan Africa is a fast-growing region in I
4 Islamic Finance Development Report 2017 FOrEWOrD the Islamic finance industry has been accommodating growing demand for shariah-compliant finance for more than 40 years, but as it moves towards greater maturity it has become essential that there is a simplified tracker of its ongoing development. he Islamic Finance Development Indicator (IFDI) t
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