Malaysia Maintains Lead In Global Islamic Finance

By Abdullahi Yusuf

Malaysia has once again topped the global Islamic finance rankings, securing the number one spot in the 2024 Islamic Finance Development Indicator (IFDI).

Deputy Minister in the Prime Minister’s Department (Religious Affairs), Dr Zulkifli Hasan praised the achievement and emphasised the key role of institutions like Bank Islam, International Islamic University Malaysia (IUM) and Amanah Ikhtiar Malaysia in shaping the nation’s Islamic finance sector.

The latest report by the Islamic Corporation for the Development of the Private Sector (ICD) and the London Stock Exchange Group (LSEG) shows Malaysia leading with a score of 144 points, followed by Saudi Arabia (119), the United Arab Emirates (88), Indonesia (85) and Pakistan (75).

The report highlights various sectors, asset classes and the broader ecosystem supporting Islamic finance.

In his Facebook posting, Zulkifli also credited Prime Minister Datuk Seri Anwar Ibrahim for his early promotion of Islamic finance, even before becoming a minister.

Notably, Anwar led the establishment of the Islamic Youth Cooperative (KBI) in 1977, which was the first institution in Malaysia to offer Shariah-compliant financial products, including interest-free loans to the Muslim community.

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