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The scale of the worldwide Islamic finance business is predicted to succeed in $5.9 trillion by 2026 in comparison with $4 trillion in 2021, pushed by Islamic banks and sukuk, in line with the 2022 Islamic Finance Improvement Index (IFDI) issued by Refinitiv, a subsidiary of the London Inventory Change Group, which is among the main suppliers of Good info for firms and specialists on this planet, and the Islamic Company for the Improvement of the Non-public Sector, experiences Al- Rai day by day.
Malaysia topped the Islamic Finance Improvement Index record this 12 months with a rating of 113 factors, adopted by Saudi Arabia 74, Indonesia 61, Bahrain 59, Kuwait 59, UAE 52, Oman 48, Pakistan 43, Qatar 38 and Bangladesh 36. The report accompanying the index identified that the Gulf international locations recorded the very best common rating, whereas the USA and international locations in Europe recorded the bottom scores. The Islamic Finance Improvement Index measures the extent to which the Islamic finance sector has developed in 136 international locations based mostly on monetary efficiency, governance, sustainability, information and consciousness.
On this regard, Kuwait scored 42 in monetary efficiency and ranked fourth on this planet and second within the Gulf, 75 in governance, rating fifth on this planet and third within the Gulf, 20 in sustainability, 21 in information and 157 in consciousness, rating second on this planet and first within the area. The quantity of belongings of the Islamic finance sector in Kuwait amounted to $153 billion in 2021, making the nation ranked sixth on this planet and fourth within the Gulf, whereas the amount of belongings of the Islamic finance sector within the Gulf amounted to 1 trillion and 617 million. And on the stage of the worth of the belongings of the Islamic banking sector in Kuwait, it amounted to 134 billion in 2021, which made Kuwait rank fifth on this planet and third within the Gulf after Saudi Arabia and the UAE.
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