Global Islamic Finance Report (GIFR) 2018, the oldest yearbook in Islamic banking and finance, is scheduled to be launched at Astana Islamic Economic Forum on 4-5 July, 2018.
According to GIFR 2018, the estimated figure for the global Islamic financial industry at the end of 2017 was US$2.431 trillion after recording a growth of 6%. This is the fourth consecutive year that the industry has registered a single digit growth and the fifth consecutive year that the growth rate has been on a declining trend. Dr. Sofiza Azmi, Editor-in-Chief of GIFR and CEO of Edbiz Consulting, said. “This should be a cause of concern for the stakeholders in the global Islamic financial services industry but apparently no one seems to be interested in understanding the root cause of the loss of momentum,”
Islamic Finance Country Index (IFCI), published annually in the report since 2011, puts Malaysia on top of the list of the countries leading the industry globally. While Iran is a close second, other Middle Eastern countries are also reported to be leading the industry from the front. Saudi Arabia, UAE and Kuwait are ranked third, fourth and fifth. Indonesia has moved one position up to capture sixth position on IFCI, while Pakistan has slipped one position down to become the seventh most influential market in the global Islamic financial services industry.
The report, which was released for the ninth consecutive year, carries the central of theme “Islamic Finance in Global Islamic Economy”. The GIFR 2018 asserts that Islamic banking and finance must be developed in line with the higher objectives of Islamic economic system.