Maldives ranked among the 15 Top developed nations in the ICD-Thomson Reuters Islamic Finance Development Indicator

Maldives Center for Islamic Finance Ltd (MCIF) is proud to announce that Maldives have been recognized among the top 15 developed nations in the Islamic Finance Industry according to the ICD-Thomson Reuters Islamic Finance Development Indicator (IFDI) 2016 and its report, the Islamic Finance Development Report 2016. The most developed performers include countries from the GCC, South and Southeast Asia. Maldives also comes second to Pakistan in terms of overall Islamic finance development in South Asia region.

According to the report, the Islamic finance industry grew 7% to US$ 2 trillion in 2015. However, the impact of global events like the sharp drop in oil prices lowered the financial performance and profitability measures for some countries in regions such as the GCC. With the continued positive growth of Islamic finance assets globally and acceptance of Islamic finance in new countries, the IFDI projects that Islamic finance assets will grow to US$ 3.5 trillion by 2021.

The projection is also supported by the fact that South Asian countries have posted the greatest amount of growth in Islamic finance assets after the introduction of Islamic windows for different financial institutions. This shows the increased acceptance of Islamic finance products in the region. For Islamic banking, Maldives posted the greatest assets growth in South Asia region between 2012 and 2015. The introduction of Islamic banking products by conventional banks in the country gave a boost to the country’s total assets. It is also the fastest country globally in terms of other Islamic financial institutions (other than Islamic banking and Takaful) assets growth between 2012 and 2015. Up to December 2015, Maldives has posted US$ 144.14 million in Islamic finance assets.

The ICD-Thomson Reuters ranking demonstrates how the Maldives Islamic finance industry landscape has evolved and grown since 2012. MCIF thank the president of Maldives, Honorable Mr. Yameen Abdul Gayoom for his visionary leadership that foresaw the importance of developing the Islamic Finance Industry of the country, the former Finance Minister and current Vice President Honorable Mr. Abdulla Jihad for his relentless work to make Maldives a recognizable force in the global Islamic Finance Industry and the chairperson of MCIF, Dr.  Aishath Muneeza, for her endless efforts in promoting Maldives as an Islamic Finance hub. Our heartiest congratulation also goes to the Islamic Banks, insurance companies and to all government companies and private companies who are involved in offering Islamic financial products and services in the country.

The Islamic Finance Development Report and Indicator 2016 is jointly produced by Thomson Reuters, the world’s leading provider of intelligent information for businesses and professionals, and the Islamic Corporation for the Development of the Private Sector (ICD), the private sector development arm of the Islamic Development Bank (IDB). It is an annual barometer that represents the overall development of the Islamic finance industry worldwide. It measures five key components that combine to depict the bigger picture of the state of Islamic finance which are Quantitative Development (QD), Knowledge, Governance, Corporate Social Responsibility (CSR) and Awareness.