The global Islamic finance industry has total assets worth USD 4 trillion in 2021, which is expected to jump to USD 5.9 trillion by 2026.
Malaysia has been the frontrunner in the Islamic finance industry, having secured the first position in the global Islamic Finance Development Indicator (IFDI) for the tenth consecutive time, according to the Malaysia International Islamic Financial Centre (MIFC). Malaysia ranked first with a total IFDI 2022 score of 113 points, comfortably settling ahead of Saudi Arabia, in second place at 74 points, and Indonesia in third place with 61 points, while Bahrain and Kuwait both shared 59 points.
The global IFDI 2022 measured the performance of 136 countries in five main categories, namely financial performance, governance, sustainability, knowledge, and awareness. As per the Islamic Corporation for the Development of the Private Sector (ICD), Malaysia also held the first position in all these sub-categories.