Indonesia Ranks First Cambridge Global Islamic Finance

Jakarta, MINA – Indonesia is ranked first in the Cambridge Global Islamic Finance Report 2021 with the highest score of 83.35. The second place followed by Saudi Arabia with a score of 80.67, Malaysia with a score of 80.01, Iran with a score of 79.73, and Pakistan with a score of 60.23.

The Director General of Cambridge Institute of Islamic Finance who is also the Founder of Cambridge GIFR, Dr. Humayon Dar conveyed that the Islamic Finance Country Index (IFCI) is the hallmark of the 2021 GIFR report. In addition, the report also covers various developments in sharia finance globally.

“Various countries have experienced ups and downs in rankings over the last 10 years, by 2021 Indonesia has emerged as a serious player in the global Islamic finance industry,” he said at the Cambridge IFA Islamic Finance Conference at the ISEF 2021 series of events on Friday as quoted from Republika.

GIFR itself is the most pioneering report in photographing the development of global sharia finance since 2011. GIFR is the official publication of the Cambridge Institute of Islamic Finance and is produced by Cambridge IFA. GIFR 2021 is jointly published with the Ajman University Center for Excellence in Islamic Finance (AU-CEIF).

Humayon said the global Islamic financial services industry continues to develop even though the growth rate is not as high as when it was first established. According to data, global Islamic financial assets reached US$2,941 billion in 2020, up 7.61 percent (yoy).

The average growth from 2009 to 2020 was 11.38 percent. Meanwhile, the average growth in 2009 to 2015 was recorded higher at 14.84 percent. However, the average growth from 2016 to 2020 was recorded at 6.54 percent.

The global Islamic financial services industry that becomes the assessment indicator includes Islamic banking, Islamic capital market, takaful and takaful, Islamic microfinance, and others such as other activities including Islamic financial technology companies. In 2021, various factors have contributed to Indonesia’s success in ranking first. (T/RE1)

Mi’raj News Agency (MINA)