Malaysia in No. 1 Position in IFDI 2021 for Second Consecutive Year

Malaysia retained its top ranking for the second consecutive year in the Islamic Finance Development Indicator (IFDI) 2021 reflecting the strength of the industry in spite of the obstacles faced on account of the COVID-19 pandemic.

Why it Matters?

Datuk Seri Tengku Zafrul Abdul Aziz, the Minister of Finance in Malaysia said an important strategy implemented by Malaysian Islamic banks since 2017 was the Value-Based Intermediation (VBI) followed by the publication of the related papers which resulted in VBI transactions reaching over MYR 163 billion (USD 38.6 billion) up to December 2020.

Details

Malaysia also topped the IFDI 2021 list in the Knowledge, Development, Quantitative Development, Governance and Awareness indi...