Dr. Bello Lawal Danbatta

Official Launch of the IFSB Islamic Financial Services Industry Stability Report 2018 at the Astana Islamic Economy Forum

Astana International Financial Centre (AIFC) officially launched the sixth edition of the Islamic Financial Services Industry (IFSI) Stability Report 2018. The Secretary-General of the IFSB, Dr. Bello Lawal Danbatta highlighted some of the key findings of the 2018 Report, particularly the rising domestic systemic significance of Islamic finance in many key jurisdictions. According to the report, the global IFSI has returned to a robust growth of 8.3%, following two years of growth stagnation. While Islamic capital markets marked a strong performance in 2017 on the back of sovereign sukuk issuances, some underlying weaknesses persisted from the previous year, including those in the corporate sukuk market. The takaful sector continues to face challenges as a result of stiff competition from larger and more established insurance companies.

IFSB launches 2018 financial services industry stability report

The Islamic Financial Services Board (IFSB) has launched the 2018 Islamic Financial Services Industry (IFSI) Stability Report. The Secretary-General of the IFSB, Dr. Bello Lawal Danbatta, highlighted some of the key findings of the 2018 Report, particularly the rising domestic systemic significance of Islamic finance in key jurisdictions. The study found that the global IFSI has returned to a robust growth of 8.3%, following two years of growth stagnation. In addition, the IFSI surpassed the $2 trillion mark as of the end of 2017. The report also states that the growth of the industry in 2017 was actively driven by all three sectors of the IFSI, but with a significant contribution by the performance of the Islamic capital markets boosted by Sukuk issuances from sovereign and multilateral institutions.

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