Scores of the Islamic Finance Country Index in the MENA region 2019, by country

Published by
Amna Puri-Mirza,
Jan 7, 2022
In 2019, Iran had the highest Islamic Finance Country Index (IFCI) score and amounted to 79.03. The IFCI was initiated with the aim to capture the growth of the industry and to provide an immediate assessment of the state of Islamic banking finance (IBF) in each country.

Scores of the Islamic Finance Country Index (IFCI) in the Middle East and North Africa region (MENA) in 2019, by country

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Release date

September 2019

Region

Algeria, Bahrain, Iran, Jordan, Kuwait, Lebanon, Morocco, Oman, Qatar, Saudi Arabia, Sudan, Syria, United Arab Emirates, Tunisia, Turkey, Egypt, Yemen, MENA, Palestinian territories

Survey time period

2019

Supplementary notes

* IFCI is based on a multivariate analysis. For construction of the index, data was collected on a number of variables, including macroeconomic indicators of the countries included. The data was then tested to see if it contained any meaningful information to draw conclusions from. After consideration of different multivariate methods, it was decided to use factor analysis to identify the factors that may influence Islamic Banking and Finance (IBF) in the countries included in the sample. These variables include number of Islamic banks, number of IBFIs, Sharia supervisory regime, Islamic financial assets, Muslim population, sukuk, education and culture and Islamic regulation and law.

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