Manama, 15 December 2020 – Bahrain ranked in the world’s top five Islamic finance economies, according to the latest annual Islamic Finance Development Indicator (IFDI).
The Kingdom, which has led MENA in all eight IFDIs to date, ranked in third place globally this year. 135 countries in total are ranked as part of the index.
Bahrain ranked among the world’s top five Islamic Finance economies, according to the latest annual Islamic Finance Development Indicator (IFDI) which is a part of the annual Islamic Finance Development Report produced by Refinitiv and the Islamic Corporation for the Development of the Private Sector (ICD), the private sector development arm of the Islamic Development Bank (IDB).
The IFDI provides an annual rank for each economy in the global Islamic finance industry, aggregating scores across five areas – quantitative development, knowledge, governance, corporate social responsibility, and awareness.
Bahrain’s high ranking was based upon its robust and supportive regulation for Islamic finance and banking as well as increases in both the number of Islamic banking assets.
Mr. Fahad Yateem, Director of Islamic Financial Institutions Supervision Directorate at the Central Bank of Bahrain said: “I am delighted that Bahrain has once again scored so highly in the IFDI, and particularly for Governance. The results are testament to our longstanding strategy of pioneering yet comprehensive regulation, creating a framework conducive to digital and technological innovation in the industry.
“The recently launched Bahrain Open Banking Framework, which provides detailed guidelines ensuring the holistic implementation of Open Banking for the entire banking industry – the first in the world to incorporate Islamic Finance.
“As the report makes clear, the COVID-19 pandemic has further catalysed digital innovation in the industry as well as consumer uptake of technology. Moreover, it is these technological advancements within Islamic Finance that will be a key driver of the industry’s post-covid recovery.”
Bahrain is home to the region’s largest concentration of Islamic finance institutions.
News Source: www.bahrainedb.com
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