Launch of the Global Islamic Finance Report 2021
London, UK: In the midst of the pandemic, the Cambridge Institute of Islamic Finance (Cambridge-IIF), in collaboration with the Ajman University Center for Excellence in Islamic Finance (AU-CEIF), has once again succeeded in launching the Cambridge Global Islamic Finance Report (GIFR) in Jakarta, Indonesia – the oldest directory of Islamic banking and finance. “The release of the 12th edition of the oldest yearbook of Islamic finance as we still face a number of logistical restrictions is a huge achievement on the part of all of those whose contributions have kept the World Report published. on Islamic finance, ”said Professor Humayon Dar, Editor-in-Chief of GIFR 2021 and Managing Director, Cambridge Institute of Islamic Finance. GIFR 2021 was launched by His Excellency Joko Widodo, President of Indonesia during the 8th Indonesian Sharia Economic Festival.
The pandemic has negatively affected all aspects of human life, with the financial services industry among the most affected. On the other hand, it also widened the innovation scope of Islamic finance to start exploring new avenues of growth, especially Islamic social finance. Thus, GIFR 2021 addresses the theme of “Islamic finance in a post-COVID world” after last year’s theme “Islamic finance for socio-economic inclusion and sustainable development”. “This theme is not only relevant for the timely achievement of the UN SDGs, but also an imperative for the sustainability of Islamic banking and finance (IsBF) in the longer term. I am sure that the coverage of topics within GIFR will capture the intellectual impetus of readers and they will want to read the report in its entirety further, ”said Dr Adnan Aziz, GIFR 2021 Editor and Founding Director . from Ajman University’s Center of Excellence in Islamic Finance. GIFR 2021 includes chapters on digital technology and its potential in Islamic social finance, leveraging Islamic social finance to achieve the SDGs, climate remediation and circular economy, the gold-based productive waqf and more Again.
Another distinguishing feature of GIFR is the Islamic Finance Country Index (IFCI), which has been published annually in the report since 2011. The IFCI is the oldest index to rank different countries based on the state of the IBF and their leadership role in the industry on a national and internationally calibrated level. This year’s IFCI is based on our 2011 index, with two major adjustments in methodology over the past 10 years. Indonesia is now seen as a player with the potential to lead the global Islamic financial services industry. Indonesia leads the IFCI rankings with a score of 83.35, again overtaking Malaysia. Interestingly, Saudi Arabia took second, pushing Malaysia to third. Iran, Sudan and Pakistan are respectively 4, 5 and 6.
Qatar, which has a growing financial services sector with Islamic finance a growing sub-sector, maintained its position, occupying the 13th position in the IFCI 2021 ranking.
Yousuf Mohamed Al-Jaida, Managing Director of the Qatar Financial Center (QFC), which is one of the sponsors of GIFR 2021, said: “The post-pandemic period will be of immense importance to restart growth in the global sector. financial services, especially regaining the unprecedented momentum of the Islamic finance sector. With Islamic finance being an undisputed part of the global economy, continued diversification and innovation within this sector will be essential to maintain its share of contribution as Islamic FinTech becomes increasingly important. More importantly, with the expected growth of the global Islamic finance industry, knowledge sharing is crucial and the Global Islamic Finance Report is one such vehicle to achieve this.
DDCAP Group ™ is the strategic partner of GIFR 2021. On the occasion of the launch, Stella Cox CBE, Managing Director of DDCAP Group ™ commented; “DDCAP Group ™ (DDCAP) is once again honored to be a strategic partner of the highly regarded Global Islamic Finance Report in the 12th year of its annual publication. We appreciate the opportunity to support the publication of this prestigious report which continues to play a vital role in providing Islamic financial intelligence to all industry participants.
Throughout the years of our strategic partnership, Cambridge International Financial Advisors (Cambridge IFA) and DDCAP have worked together to support, promote and defend the Islamic banking and financial sector. As our valuable partnership has blossomed, together we have supported the Islamic finance industry to achieve several strategic goals regarding women’s empowerment, leadership development and financial intelligence dissemination. Islamic institutions for which the World Report on Islamic Finance is an essential component.
We look forward to working together in the years to come as our industry pivots to meet the needs of people and the planet, mobilizing funding to enable the transition to a low carbon economy and in the pursuit of preservation. the natural environment and biodiversity.
Charles Haresnape, CEO of Gatehouse Bank, said on the occasion: “The annual report on global Islamic finance is always insightful and the 2021 report, which focuses on Islamic finance in a post-COVID world, is no exception. As a growing Shariah Compliant UK bank, Gatehouse is delighted to have had the opportunity to play a role in supporting such a comprehensive and important industry report.
Khalid Parekh, Founder and CEO of Fair FinTech Inc. said: “FAIR is delighted to be the first Halal certified digital bank in the United States, after going through two years of regulatory and compliance process, we are very happy to launch the first American financial services. A platform, which offers Sharia-based international banking, lending, investing and money transfer services to our large Muslim audience of 8 million in the United States, the partnership with Cambridge IFA provides us with a appropriate channel for in-depth knowledge of global Islamic institutions that we can partner with to bring the FAIR platform to a global scale.
Minhaj University Lahore served as a Special Knowledge Partner for the third consecutive year. “It is indeed a great honor for Minhaj Lahore University (MUL) to be a knowledge partner for the launch of the Global Islamic Finance Report-GIFR 2021. MUL always strives to put its best efforts for the promotion of Islamic finance through various initiatives and supporting valuable efforts such as GIFR. Without a doubt, GIFR is one of the most authentic sources available on Islamic finance and known for its high level of credibility with stakeholders.
To obtain a copy of GIFR 2021, or for more information, please contact: GIFR@cambridge-ifa.net
Cambridge-IIF is an independent research center specializing in the financial sectors of countries where Islamic banking and finance is a major activity. Taking advantage of the academic resources that the city of Cambridge has to offer, Cambridge-IIF is well positioned to undertake research projects aimed at studying the global phenomenon of Islamic banking and finance. Cambridge-IIF aims to conduct policy-oriented research to further stimulate the growth of Islamic banking and finance, with a particular focus on the Sustainable Development Goals (SDGs).
Cambridge IFA is a financial services intelligence firm specializing in the development and use of powerful, cutting-edge analytical tools to assess business data, assess macroeconomic indicators, and understand market trends, leadership positioning and market development. the brand relevant to the development of the financial services industry on a global scale.
Formed by Ajman University in 2020, AU-CEIF aims to be a global source of information, education, training and applied industrial research in the field of Islamic banking and finance. Through AU-CEIF, Ajman University is actively pursuing the agenda of providing an excellent and innovative and inclusive learning environment for all relevant stakeholders for the entire Islamic finance ecosystem. , in a socially responsible manner respecting the highest standards of integrity.
© Press release 2021