According to the ICD-Refinitiv Islamic Finance Development Report 2022: Embracing Change, Brunei Darussalam has retained its 12th position in Islamic Finance Development in the world rankings. This report is based on the 2021 data collected by assessing 136 countries in the world. ICD is an acronym for the Islamic Corporation for the Development of the Private Sector.
Brunei has retained its 12th position for two years in a row. In the Islamic Finance Development Indicator (IFDI), the Sultanate recorded 31 points. The global average indicator value decreased in 2022 to 9.0 from 11.0 in the previous year. The global Islamic finance industry touched a milestone in 2021, maintaining a double-digit growth of 17 percent year-on-year in terms of its total size of assets.
The growth amounted to US$ 4 trillion, as the world began recovering from the effects of the COVID-19 pandemic. This is set to rise even further in the future, as the report projects. Due to the growth in Islamic banking and the sukuk market, the Islamic finance industry may grow to US$ 5.9 trillion by 2026.
Financial performance, governance, sustainability, knowledge, and awareness are the five major IFDI indicators. In the sub-indicator of regulations, the Sultanate maintained its top position. Brunei further obtained the fourth position in the report under the awareness indicator for the sub-indicator of events. Under the knowledge indicator, it was given fifth place for the sub-indicator on research.
Brunei was placed in the eighth position under the financial performance indicator in Other Islamic Financial Institutions (OIFI) assets, having a value of US$ 2 billion.