Bahrain-Malaysia leading players [Gulf Daily News (Bahrain)]
(Gulf Daily News (Bahrain) Via Acquire Media NewsEdge) MANAMA: Bahrain is the second most developed Islamic finance sector, after Malaysia, with total Islamic finance assets of $47 billion, says a study.
These are the findings of a collaborative study done by Thomson Reuters and Islamic Corporation for the Development of the Private Sector (ICD).
Earlier this year, Thomson Reuters and ICD announced the creation of the ICD-Thomson Reuters Islamic Finance Development Indicator, a numerical measure representing the overall health and growth of the Islamic finance industry worldwide.
The indicator measures five key components - quantitative development, governance, social responsibility, knowledge and awareness - which are adjusted for the relative size of each country.
Additonal findings of the study were released yesterday, on the eve of the World Islamic Banking Conference in the kingdom.
The study found that Bahrain had the second most developed Islamic finance knowledge landscape.
There were 23 institutions offering degrees and courses in Islamic finance in the kingdom.
In terms of research, the kingdom had 17 research papers on Islamic finance published in the last three years, of which 12 were peer reviewed, according to the study.
Bahrain also performed well in terms of governance, with a comprehensive regulatory framework covering all aspects of the Islamic finance industry, the study showed.
This was supplemented with strong Sharia governance, with the largest number of Islamic finance scholars (53) based in the kingdom.
The Islamic finance industry in Bahrain also performed well in corporate governance and corporate social responsibility disclosures, according to the study.
In terms of awareness, Bahrain had five seminars and five conferences related to Islamic finance last year, and 551 news articles on the subject, the study revealed.
"This indicator, the first of its kind for the Islamic economy, will provide companies with much needed unbiased and reliable multi-dimensional analysis regarding the development of the Islamic finance industry," Thomson Reuters managing director for Middle East and North Africa Russell Haworth said.
"The development of Islamic finance infrastructure will be a key driver for the establishment of the Islamic finance industry," he added.
According to ICD chief executive Khaled Al Aboodi, Bahrain sits at the forefront as a leading Islamic finance hub.
"However, our research help the country identify areas of improvement, and monitor their progress over time to ensure that they maintain their position as a leading Islamic finance hub," Mr Al Aboodi added.
(c) 2013 Al Hilal Publishing & Marketing Group Provided by Syndigate.info, an Albawaba.com company
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