The size of the global Islamic finance industry is expected to reach $5.9 trillion by 2026 as compared to the $4 trillion in 2021, driven by Islamic banks and sukuk, according to the 2022 Islamic Finance Development Index (IFDI) issued by Refinitiv, a subsidiary of the London Stock Exchange Group.
Malaysia topped the Islamic Finance Development Index list this year with a score of 113 points, followed 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 pointed out that the Gulf countries recorded the highest average score, while the United States and countries in Europe recorded the lowest scores.