Assessment of the Global Islamic Finance Industry Development - An Analytical Statistical Study during 2016-2023

Abstract

This study aimed to measure the progress of the Global Islamic Finance Industry (IFI) using the Islamic Finance Development Indicator (IFDI). This study utilizes descriptive analysis to explore the theoretical aspects about the IFI, as well as focused on how to assess each of the Global indicator, main indicators and sub-indicators of the IFDI. Then, statistics were presented on these indicators during 2016-2023 using IFDI reports. This study concluded that the Global IFDI rose in the years 2016-2021, however, a decline was recorded in 2022-2023, this is due to some adjustments were made in the assessment of the IFDI. This study also concluded that the majority of the sub-indicators (23 out of the 24 sub-indicators) of the IFDI showed positive annual growth rates averages ranging between 1.07% and 17.62% during the study period.