Monday, September 21, 2020

Bahrain ranked first in MENA by Islamic Finance Development Indicator (IFDI) for seventh consecutive year

Bahrain has topped the entire MENA region for Islamic Finance development, according to the seventh and latest annual Islamic Finance Development Indicator (IFDI). The Kingdom, which has led MENA in all seven IFDIs to date, also ranked in second place globally this year. The IFDI is part of the annual Islamic Finance Development Report produced by the Islamic Development Bank’s private sector development arm – the Islamic Corporation for the Development of the Private Sector (ICD) – in partnership with information provider Refinitiv. Key findings of the report and the IFDI were released  at the Indonesia Sharia Economic Festival in Jakarta.

The IFDI provides an annual rank for each economy in the global Islamic finance industry. It aggregates scores across five component areas – quantitative development, knowledge, governance, corporate social responsibility, and awareness – for the 131 countries where Islamic finance has a presence. Bahrain’s continued high ranking is based upon its robust and supportive regulation for Islamic finance and banking as well as increases in both the number of Islamic banking assets and the number of institutions offering Islamic finance. This success came despite a global slowing of growth in the Islamic banking sector.

The report highlighted FinTech as a key driver and shaper of the Islamic finance industry, noting that crypto-assets are also being explored by sharia scholars and regulators in developed Islamic finance markets such as Bahrain and Malaysia. For example, Rain – the region’s first sharia-compliant cryptocurrency exchange – was the first graduate from the Central Bank of Bahrain’s FinTech Regulatory Sandbox, earlier this year, and has recently obtained a full operational license.

Khalid Humaidan, Chief Executive at the Bahrain EDB said: “It’s a pleasure to once again see Bahrain leading the region in Islamic Finance development. The Kingdom has worked hard to position itself not just as the region’s FinTech hub, but also as a testbed for regulating emerging and cutting-edge technologies such as blockchain and open banking. Our continued high ranking in the IFDI is testament to our innovative and pioneering approach.”

MOST READ

The aftermath of a historic night for BRAVE CF and Arab MMA

BRAVE Combat Federation’s vision of globalizing the sport started within the Arab world, which was often overseen by many other organizations, and to provide...

Health Minister urges compliance to reduce COVID-19 infections

Health Minister Faeqa bint Said Al-Saleh urged full compliance with the mandatory precautionary measures to curb the spread of the novel coronavirus (COVID-19). She called...

Loan payment deference to help citizens, SMEs

The banks’ response to defer loan payments until the end of the year is a continuation of the initiatives in the financial and economic...

Interior Minister: valid PCR certificates for entry to Bahrain via causeway

The Interior Minister General Shaikh Rashid bin Abdullah Al Khalifa said that Polymerase chain reaction (PCR) certificates accredited by the Saudi Health Ministry within 72...

Bahrain marks World Patient Safety Day

Bahrain joins the world in marking the World Patient Safety Day observed on September 17. This year's theme is “Health Worker Safety: A Priority...

“Virtual Bahrain 2020” conference, exhibition kicks off Tuesday

Under the patronage of Mohammed Ali Al Qaed, Chief Executive of the Information and eGovernment Authority, the "Virtual Bahrain 2020" conference and exhibition will...

Bahrain exports BD190 Million Worth of Products of National Origins during August 2020

The Information &eGovernment Authority (iGA) issued its foreign trade report of August 2020, encompassing data on the balance of trade, imports, exports (national origin),...

stc Bahrain joins stc Group as the diamond sponsor of Virtual Capacity Middle East

stc Bahrain, a world-class digital enabler, joins stc group Kuwait and KSA as a Diamond sponsor of the virtual Capacity Middle East Conference 2020,...

RHF Secretary-General visits flood-affected areas in Sudan

Royal Humanitarian Foundation (RHF)'s Secretary-General Dr. Mustafa Al-Sayed, visited some areas affected by the floods and torrents that swept Sudan. This came under the directives...

The American University of Bahrain (AUBH) welcomes class of 2024

The American University of Bahrain (AUBH), re-opened its campus in Riffa, following an orientation session for the incoming Class of 2024 students. AUBH Founding...

Carrefour Bahrain Introduces ‘Click and Collect’: The Latest Innovation for Faster and More Flexible Online Shopping

Carrefour, operated by Majid Al Futtaim in the Kingdom of Bahrain, is introducing Click and Collect, a new service that will give online shoppers...

Kdan Mobile’s DottedSign Includes AATL Certificates to Ensure Users the Highest Level of Electronic Signature Process

Kdan Mobile Software Ltd., a global software as a service (SaaS) company, has announced that its e-signature service DottedSign now includes a digital identity...

Health Minister receives Indian ambassador

Health Minister Faeqa bint Saeed Al Saleh, received Indian Ambassador to Bahrain Piyush Srivastava. The minister praised the historical relations between Bahrain and India in...

HM King’s humanitarian initiatives lauded by Sudan’s foreign minister

Sudan’s Acting Foreign Minister Omar Qamar Al Din Ismail has praised the support of His Majesty the King to Sudan in various circumstances and...

Towards Creating Career Opportunities: Interview with Pakiza Abdulrahman

Bahrain Economic Development Board is an investment promotion agency chaired by His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, Deputy Supreme...