Brunei Darussalam Reclaims Top 15 Spot in Global Islamic Finance Development Ranking

Bandar Seri Begawan: Brunei Darussalam has made a significant leap in the global Islamic finance sector, ranking 13th out of 136 countries in the Islamic Finance Development Report 2024: From Niche to Norm. This marks the nation’s return to the top 15 rankings.

According to Radio Television Brunei, the report highlights that Brunei Darussalam achieved a score of 29 on the Islamic Finance Development Indicator (IFDI) 2024. This composite weighted index evaluates the progress of the Islamic finance industry using data from 2023. Meanwhile, the global average score for IFDI 2024 rose to 12 from 9 in the previous year, suggesting a positive trend in the sector’s overall development.

The IFDI 2024 comprises five main indicators: Financial Performance, Governance, Sustainability, Knowledge, and Awareness. The Financial Performance indicator maintained a score of 11 points, with notable progress in the Takaful and Sukuk sub-indicators. Brunei Darussalam also secured the 10th position in the Assets of Other Islamic Financial Institution sub-indicator under Financial Performance.

In the Governance category, Brunei Darussalam retained a perfect score for the Regulations sub-indicator, leading to a significant increase in its overall Governance score, from 59 points in IFDI 2023 to 71 points in IFDI 2024. Additionally, the Awareness and Sustainability indicators showed improvements, with the Awareness score increasing from 16 to 24 points and the Sustainability score rising from 13 to 14 points. The full report is accessible on the website www.zawya.com.