22
[131.86], followed by Saudi Arabia [56.08], Turkey [21.32], and the UK [14.68]; however, all of
these countries have higher scores compared to the global average [10.46]. Meanwhile, the
Takaful industry is more advanced in Saudi Arabia [92.92], followed byMalaysia [41.63], Turkey
[21.71], and the UK [0.21]. Except for the UK, the sample countries maintain higher than global
average Takaful development score [5.29].5
TABLE 2: SELECTED I SLAMIC FINANCE DEVELOPMENT INDICATORS (IFDI)
INDICATORS (2018) GA MY SA TR UK
Islamic Finance Development Indicator (IFDI) 10.46 131.86 56.08 21.32 14.68
1. QUANTITATIVE DEVELOPMENT 5.85 98.50 56.80 12.28 4.30
Islamic Banking 9.49 66.70 58.05 18.96 2.08
Takaful 5.29 41.63 92.92 21.71 0.21
Other IFIs 5.78 102.93 38.27 1.54 0.69
Sukuk 3.99 182.29 42.82 15.08 5.08
Funds 4.68 98.96 51.93 4.11 13.45
2. KNOWLEDGE 9.36 228.37 42.89 15.32 15.48
Education 9.84 156.73 31.23 10.61 21.72
Research 8.87 300.00 54.54 20.03 9.23
3. CORPORATE SOCIAL RESPONSIBILITY (CSR) 8.08 42.19 83.92 33.31 28.36
CSR Funds Disbursed 5.48 33.88 139.39 1.80 0.00
CSR Disclosure
10.69 50.50 28.45 64.82 56.72
4. GOVERNANCE 13.01 87.91 37.80 23.83 20.15
Regulation 17.68 100.00 33.33 33.33 0.00
Shari'ah Governance 12.95 103.89 51.51 14.91 13.55
Corporate Governance 8.40 59.85 28.54 23.25 46.88
5. AWARENESS 15.99 202.31 59.00 21.84 5.10
Seminars 7.70 181.69 8.62 11.20 4.58
Conferences 7.61 156.59 14.58 37.86 6.19
News 32.65 268.66 153.81 16.46 4.53
Notes: GA – Global Average, MY – Malaysia, SA – Saudi Arabia, TR – Turkey, UK – United Kingdom.
Source: Thomson Reuters (2018)
5 For more detailed information, please refer t n the Appendix .