Maldives has been named among the top 15 countries in Islamic finance development, according to a global indicator.
The report is jointly produced by Thomson Reuters, the world’s leading provider of intelligent information for businesses and professionals, and the Islamic Corporation for the Development of the Private Sector (ICD), the private sector development arm of the Islamic Development Bank (IDB).
The most developed performers include countries from the GCC, South and Southeast Asia.
Maldives was ranked second to Pakistan in terms of overall Islamic finance development in South Asia region.
The report, which was released for the third consecutive year, examines the key statistics and trends across five indicators that are deemed to be significant for measuring the development of the US$1.8 trillion Islamic finance industry. These include Quantitative Development, Knowledge, Governance, Corporate Social Responsibility and Awareness. These indicators are tracked across 108 countries, which had contributions in all or some of these indicators.
On Corporate Governance, Maldives along with Oman and Kuwait are the strongest, with South Africa and Malaysia not far behind by the number of corporate governance items disclosed and the composition of Board, and Risk Management and Audit committees.
