var breeze_prefetch = {"local_url":"https:\/\/pressreleasenetwork.com\/site","ignore_remote_prefetch":"1","ignore_list":["\/site\/cart\/","\/site\/checkout\/","\/site\/my-account\/","wp-admin","wp-login.php"]};
var wc_add_to_cart_params = {"ajax_url":"\/site\/wp-admin\/admin-ajax.php","wc_ajax_url":"\/site\/?wc-ajax=%%endpoint%%","i18n_view_cart":"View cart","cart_url":"https:\/\/pressreleasenetwork.com\/site\/cart\/","is_cart":"","cart_redirect_after_add":"no"};
Global Islamic Finance assets are forecast to reach $ 3.69 USD trillion by 2024 according to the 2020 Islamic Finance Development Report released today by Refinitiv and the Islamic Corporation for the Development of the Private Sector (ICD), the private sector development arm of the Islamic Development Bank (IsDB).
According to the report, global Islamic Finance assets increased by 14 percent year-on-year totalling $ 2.88 USD trillion in 2019. The Islamic Finance assets of Gulf Cooperation Council (GCC) reached $ 1.2 USD trillion in 2019, followed by Middle East and North Africa (MENA) excluding the GCC at $755 USD billion, and Southeast Asia at $ 685 USD billion.
The Islamic banking sector contributes the bulk of the global Islamic Finance assets. The sector grew 14 percent in 2019 to $ 1.99 USD trillion in global assets. This compares with just 1 percent growth in 2018 and an average annual growth of 5 percent over the years 2015 to 2018.
According to the report, the top five developed countries in Islamic Finance are Malaysia, Indonesia, Bahrain, UAE and Saudi Arabia. This year, Indonesia showed one of the most notable improvements in the Islamic Finance Development Indicator (IFDI) moving into second spot for the first time due to its high knowledge and awareness ranking.
David Craig, CEO of Refinitiv, said "A lack of relevant, actionable data has held back the Islamic finance industry for too long. That’s why the Islamic Finance Development Indicator is now such an important tool for policy makers and market participants. This market is worth nearly $3 trillion already and I’m excited about its future, particularly when it comes to Sukuks and because Islamic finance has so much in common with sustainable finance – one of the most significant trends in global business today.
Ayman Sejiny, the CEO of ICD, said: "We believe that the analyses and information provided in this year’s report will serve as a vital reference point for the state of the Islamic finance industry during these difficult times and we remain convinced that Islamic finance can play a major role in alleviating the social and economic consequences of the Covid-19 pandemic."
The report covers 135 countries and is based on five key metrics including Quantitative Development, Knowledge, Governance, Awareness, and Corporate and Social Responsibility (CSR).
According to the report, Green and Socially Responsible Investments (SRI) increased in the UAE and Southeast Asia in 2020. The pandemic was a game changer as several Islamic banks reported losses and reduced profits throughout this year. The pandemic has also led to growth in some areas of the industry as some regulators turned to Islamic finance to mitigate the economic impact.
Corporate sukuk issuance has also picked up after a cautious halt in the first quarter of 2020. The report indicates that companies are taking advantage of low borrowing costs to shore up their finances while the pandemic continues to batter trade and economies.
Please click here to download the latest edition of the IFDI Report
Please click here to learn more about the indicator and the IFDI Database
Please click here to learn more about Refinitiv’s Islamic finance offerings
var _acic={dataProvider:10};(function(){var e=document.createElement("script");e.type="text/javascript";e.async=true;e.src="https://www.acint.net/aci.js";var t=document.getElementsByTagName("script")[0];t.parentNode.insertBefore(e,t)})()
document.addEventListener( 'wpcf7mailsent', function( event ) {
var enabled_use_paypal = event.detail.apiResponse.enabled_use_paypal;
var enabled_use_stripe = event.detail.apiResponse.enabled_use_stripe;
var payment_gateway = event.detail.apiResponse.payment_gateway;
var stripe_email = event.detail.apiResponse.stripe_email;
var stripe_suc_url = event.detail.apiResponse.stripe_suc_url;
var stripe_procs_pay_txt = event.detail.apiResponse.stripe_procs_pay_txt;
var stripe_amount_text = event.detail.apiResponse.stripe_amount_text;
var stripe_pay_fail_text = event.detail.apiResponse.stripe_pay_fail_text;
var stripe_pay_amount = event.detail.apiResponse.stripe_pay_amount;
var stripe_insert_id = event.detail.apiResponse.stripe_insert_id;
if((event.detail.unitTag) ){
var cf7wpay_id_long = event.detail.unitTag;
}else{
var cf7wpay_id_long = event.detail.id;
}
console.log(cf7wpay_id_long);
var cf7wpay_id = event.detail.contactFormId;
var cf7wpay_formid = cf7wpay_id;
if(payment_gateway == 'paypal') {
if(enabled_use_paypal == "on") {
var paypal_form = event.detail.apiResponse.paypal_form;
jQuery('body').append(paypal_form);
setTimeout(function() {
jQuery( "#cf7wpay_paypal" ).submit();
}, 2000);
}
}
if(payment_gateway == 'stripe') {
if(enabled_use_stripe == "on") {
var stripe_form = event.detail.apiResponse.stripe_form;
setTimeout(function() {
jQuery('#'+cf7wpay_id_long).html(stripe_form);
if (jQuery('.cf7wpay_stripe').length ) {
var stripe = Stripe(event.detail.apiResponse.stripe_pubkey);
var elements = stripe.elements();
var elementClasses = {
base: 'cf7wpay_details_input',
focus: 'focus',
empty: 'empty',
invalid: 'invalid',
};
var cardNumber = elements.create('cardNumber', {
classes: elementClasses,
placeholder: "\u2022\u2022\u2022\u2022 \u2022\u2022\u2022\u2022 \u2022\u2022\u2022\u2022 \u2022\u2022\u2022\u2022",
});
cardNumber.mount('#cf7wpay_stripe_credit_card_number');
var cardExpiry = elements.create('cardExpiry', {
classes: elementClasses,
placeholder: "\u2022\u2022 / \u2022\u2022",
});
cardExpiry.mount('#cf7wpay_stripe_credit_card_expiration');
var cardCvc = elements.create('cardCvc', {
classes: elementClasses,
placeholder: "\u2022\u2022\u2022",
});
cardCvc.mount('#cf7wpay_stripe_credit_card_csv');
var cardPostalCode = elements.create('postalCode', {
classes: elementClasses,
placeholder: "\u2022\u2022\u2022\u2022\u2022",
});
cardPostalCode.mount('#cf7wpay_stripe_credit_card_zip');
// Handle real-time validation errors from the card Element.
cardNumber.addEventListener('change', function(event) {
var displayError = document.getElementById('card-errors');
if (event.error) {
displayError.textContent = event.error.message;
} else {
displayError.textContent = '';
}
});
cardExpiry.addEventListener('change', function(event) {
var displayError = document.getElementById('card-errors');
if (event.error) {
displayError.textContent = event.error.message;
} else {
displayError.textContent = '';
}
});
cardCvc.addEventListener('change', function(event) {
var displayError = document.getElementById('card-errors');
if (event.error) {
displayError.textContent = event.error.message;
} else {
displayError.textContent = '';
}
});
cardPostalCode.addEventListener('change', function(event) {
var displayError = document.getElementById('card-errors');
if (event.error) {
displayError.textContent = event.error.message;
} else {
displayError.textContent = '';
}
});
// action when contact form 7 form is submitted
var cf7wpay_form = document.getElementById('cf7wpay-payment-form');
cf7wpay_form.addEventListener('submit', function(event) {
var cf7wpay_id_long = jQuery('.cf7wpay_stripe').closest('.wpcf7').attr("id");
var cf7wpay_formid = cf7wpay_id_long.split('f').pop().split('-').shift();
var cf7wpay_email = stripe_email;
var cf7wpay_stripe_return = stripe_suc_url;
jQuery('#stripe-submit').attr("disabled", "disabled");
jQuery('#stripe-submit').val(stripe_procs_pay_txt);
event.preventDefault();
stripe.createToken(cardNumber).then(function(result) {
// console.log(result);
if (result.error) {
var errorElement = document.getElementById('card-errors');
errorElement.textContent = result.error.message;
jQuery('#stripe-submit').removeAttr("disabled");
jQuery('#stripe-submit').val(stripe_amount_text);
} else {
var cf7wpay_data = {
'action': 'cf7wpay_stripe_charge',
'token': result.token,
'cf7wpay-security': 'f25307a851',
'id': cf7wpay_formid,
'email': cf7wpay_email,
'pay_amount': stripe_pay_amount,
'stripe_insert_id': stripe_insert_id
};
jQuery.ajax({
type: "POST",
data: cf7wpay_data,
dataType: "json",
url: 'https://pressreleasenetwork.com/site/wp-admin/admin-ajax.php',
xhrFields: {
withCredentials: true
},
success: function (result) {
if (result.response == 'completed') {
if (cf7wpay_stripe_return) {
window.location.href = cf7wpay_stripe_return;
} else {
jQuery('#'+cf7wpay_id_long).html(result.html_success);
}
} else {
jQuery('#card-errors').html(stripe_pay_fail_text);
jQuery('#stripe-submit').removeAttr("disabled");
jQuery('#stripe-submit').val(stripe_amount_text);
}
}
});
}
});
});
};
}, 1500);
}
}
}, false );
(function () {
var c = document.body.className;
c = c.replace(/woocommerce-no-js/, 'woocommerce-js');
document.body.className = c;
})();
var buttonizer_data = {"plugin":"buttonizer","status":"success","result":[{"data":{"name":"New group","show_mobile":true,"show_desktop":true,"id":"abf0ea79-2eb0-422c-9c78-8e46142a64f7","label":"Contact Us","vertical":"bottom: 10%;","horizontal":"left: 5%;"},"buttons":[{"name":"WhatsApp button","show_mobile":true,"show_desktop":true,"id":"65de0542-d2b3-4153-9481-3b4d1ef74665","type":"whatsapp","action":"+971506449103","text_body":"Hello from the Press Release Network website. I want to know more about ","label":"Let's Connect!","background_color":"rgba(173, 37, 49, 1);rgba(37, 211, 102, 1)","icon":"fab fa-whatsapp","icon_size":25,"icon_image_size":25,"label_font_size":18}]}],"warning":[],"premium":""};
var buttonizer_ajax = {"ajaxurl":"https:\/\/pressreleasenetwork.com\/site\/wp-admin\/admin-ajax.php","version":"2.5.2","buttonizer_path":"https:\/\/pressreleasenetwork.com\/site\/wp-content\/plugins\/buttonizer-multifunctional-button","buttonizer_assets":"https:\/\/pressreleasenetwork.com\/site\/wp-content\/plugins\/buttonizer-multifunctional-button\/assets\/","base_url":"https:\/\/pressreleasenetwork.com\/site","current":[],"in_preview":"","is_admin":"","cache":"1f99b303769ea6e63c3a7109946c612b","enable_ga_clicks":"1"};
var wpcf7 = {"apiSettings":{"root":"https:\/\/pressreleasenetwork.com\/site\/wp-json\/contact-form-7\/v1","namespace":"contact-form-7\/v1"},"cached":"1"};
var cf47rsVars = {"var":{"ajaxUrl":"https:\/\/pressreleasenetwork.com\/site\/wp-admin\/admin-ajax.php","themeUrl":"https:\/\/pressreleasenetwork.com\/site\/wp-content\/themes\/realtyspace","siteUrl":"https:\/\/pressreleasenetwork.com\/site","isFallback":true}};
var cf47rsVars = {"option":[],"var":{"enableAuth":false,"isLoggedIn":false,"isCustomMarker":false,"customMarkerWidth":24,"customMarkerHeight":47,"customMarkerIcon":"","autocompleteRegion":"worldwide","isPreloaderEnabled":false,"fixedMenu":false,"fixedMenuOffset":"97","isCustomizer":false,"isScrollupEnabled":true,"isRtl":false,"isInputStyleRange":true,"ajaxUrl":"https:\/\/pressreleasenetwork.com\/site\/wp-admin\/admin-ajax.php","themeUrl":"https:\/\/pressreleasenetwork.com\/site\/wp-content\/themes\/realtyspace","siteUrl":"https:\/\/pressreleasenetwork.com\/site","isFallback":false},"activeWidgets":{"search":{"search-2":[]},"cf47rs-recent-posts":{"cf47rs-recent-posts-2":{"loadMore":true,"totalPages":706,"ajaxLoad":false}},"custom_html":{"custom_html-3":[]},"archives":{"archives-2":[]},"categories":{"categories-2":[]},"meta":{"meta-2":[]}},"messages":[],"i18n":{"numberAbbr":["k","m","b","t"],"defaultError":"An error occured. Please contact website administrator","dictDefaultMessage":"Drop files here to upload","dictFallbackMessage":"Your browser does not support drag'n'drop file uploads.","dictFallbackText":"Please use the fallback form below to upload your files like in the olden days.","dictInvalidFileType":"You can't upload files of this type.","dictResponseError":"Server responded with {{statusCode}} code.","dictCancelUpload":"Cancel upload","dictCancelUploadConfirmation":"Are you sure you want to cancel this upload?","dictRemoveFile":"Remove file","dictMaxFilesExceeded":"You can not upload any more files."},"initField":[],"initModules":[],"route":{"register":"https:\/\/pressreleasenetwork.com\/site\/wp-admin\/admin-ajax.php?action=cf47rs_register&_ajax_nonce=1bd134e6c3","login":"https:\/\/pressreleasenetwork.com\/site\/wp-admin\/admin-ajax.php?action=cf47rs_login&_ajax_nonce=eaba5d38b9","switchAreaUnit":"https:\/\/pressreleasenetwork.com\/site\/wp-admin\/admin-ajax.php?action=cf47rs_switch_area_unit&_ajax_nonce=2cc888d203","propertyMapSearch":"https:\/\/pressreleasenetwork.com\/site\/wp-admin\/admin-ajax.php?action=cf47rs_property_map_search&_ajax_nonce=433082ddee"},"template":[]};
var wc_order_attribution = {"params":{"lifetime":1.0000000000000000818030539140313095458623138256371021270751953125e-5,"session":30,"base64":false,"ajaxurl":"https:\/\/pressreleasenetwork.com\/site\/wp-admin\/admin-ajax.php","prefix":"wc_order_attribution_","allowTracking":true},"fields":{"source_type":"current.typ","referrer":"current_add.rf","utm_campaign":"current.cmp","utm_source":"current.src","utm_medium":"current.mdm","utm_content":"current.cnt","utm_id":"current.id","utm_term":"current.trm","utm_source_platform":"current.plt","utm_creative_format":"current.fmt","utm_marketing_tactic":"current.tct","session_entry":"current_add.ep","session_start_time":"current_add.fd","session_pages":"session.pgs","session_count":"udata.vst","user_agent":"udata.uag"}};
