Islamic finance plays larger role in sustaining economic growth

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Manama

With Islamic finance assets growing 7% to $ 2.2 trillion in 2016, and projected to reach $3.8 trillion by 2022, the Islamic Finance Development Report and Indicator (IFDI) 2017 sees Islamic finance play a larger role in sustaining economic growth.
Thomson Reuters – the world’s leading provider of intelligent information for businesses and professionals – and the Islamic Corporation for the Development of the Private Sector (ICD) – the private sector development arm of the Islamic Development Bank (IDB) – released Wednesday the key findings of the fifth edition of the Islamic Finance Development Report and Indicator (IFDI) at the World Islamic Banking conference (WIBC) 2017 held in Bahrain. The report studied key trends across five indicators used to measure the development of the $2.2 trillion Islamic finance industry which are: Quantitative Development, Knowledge, Governance, Corporate Social Responsibility and Awareness. It also compiled extensive statistics on the industry from 131 countries and highlighted the best-performing countries within each key area of performance.
—Saudi Gazette