Malaysia ranks first in Islamic Finance Development Indicator 2021, says Refinitiv

Malaysia and Indonesia have retained the first and second place respectively in the Islamic Finance Development Indicator (IFDI) 2021 for the second year in a row, according to financial markets data provider Refinitiv. In its ninth edition of the Islamic Finance Development Report 2021, it said the IFDI 2021 indicator score looks at key metrics that shaped the pandemic year of 2020 for 135 countries. Indonesia jumped into the top three last year, and for IFDI 2021, Saudi Arabia made the same upward move. Bahrain and the United Arab Emirates (UAE) dropped into the fourth and fifth spot respectively, from third and fourth. Malaysia also ranked first under the indicators for Knowledge, Quantitative Development, Governance and Awareness.