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17 November 2019
SUKUK

Bahrain leads Islamic finance development in MENA region, says ICD

Fintech is a key driver and shaper of the Islamic finance industry, crypto-assets are being explored by Shari’ah regulators in developed Islamic finance markets such as Bahrain and Malaysia.

Sukuk issuance is leading the financial industry’s growth/Shutterstock

by Kudakwashe Muzoriwa

The Islamic Corporation for the Development (ICD) and Refinitiv said that Bahrain leads Islamic finance development owing to the Kingdom’s robust and supportive regulation for Islamic finance and banking as well as the increase of Shari'ah-compliant banking assets and the number of institutions offering Islamic finance.

Ayman Sejiny, the CEO of ICD, said that Sukuk issuance is leading the industry’s growth, with global issuance since its introduction surpassing $1 trillion in 2018 and is continuing to grow.”

The Islamic Finance Development Indicator Report aggregates scores across five component areas—quantitative development, knowledge as well as governance, corporate social responsibility and awareness—for the 131 countries where Islamic finance has a presence.

“The industry and its surrounding ecosystem are also being constantly reshaped by innovation,” said Sejiny.


RELATED STORIES: ISLAMIC CORPORATION FOR THE DEVELOPMENT SUKUK ISSUANCE SHARI\\\'AH-COMPLIANT ISLAMIC FINANCE

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