This review report marks the final assessment of the Islamic Financial Services Industry (IFSI) since the publication of the mid-term review (MTR) of the Ten-Year Framework for the development of the IFSI, issued by the Islamic Financial Services Board (IFSB) and the Islamic Development Bank Institute (IsDBI) in 2014.
This final review presents an assessment of the effectiveness of the various recommendations and initiatives in the MTR on the growth and development of the industry over the past years. Structurally, the IFSI has achieved notable feats in terms of its geographical expansion, transformation, access, regulation, and supervision. Islamic finance is currently present and practiced in at least one, if not all, of its key segments: Islamic banking, Islamic capital markets, Islamic insurance (takāful), and other Islamic non-banking financial institutions in more than 100 countries.
In light of the fast-changing dynamics of the global financial ecosystem, the final review suggests that the Islamic financial services industry should continue to adapt to digital transformation, support the SDGs, complement various Environmental, Social, and Governance (ESG) initiatives, fund infrastructural projects, and support post-COVID-19 economic recovery across many juris- dictions.
