Maldives was named as one of the countries with the fastest development of Islamic Finances. According to ICD-Thomson Reuters Islamic Finance and Development Report 2017, Maldives is among one of the three countries where Islamic Banking developed at the fastest rate. The other two countries on the list are Oman and Palestine. Maldives was also named among the development of other Islamic financial institutions.
Additional categories the Maldives was included in are, 12th in Islamic Finance Development Indicator ranking, 4th in the Other Islamic Financial Institute subcategories: Top Growing Countries, 8th in Islamic Finance Education Development, 10th in Top Islamic Finance Governance, 8th in Islamic Finance Corporate Governance and 9th in Islamic Finance CSR category. Maldives was also one of the countries with highest Islamic Finance Assets and Takaful Assets development.
The report mentioned that the Maldives moved up to 12th due to higher Awareness indicator values gained after hosting an abundance of Islamic Finance seminars last year. Additionally, the introduction of Islamic banking services by Bank of Maldives in April 2015 was highlighted in the recent Islamic Finance events.
Islamic Finance Development Report is an annual report by the ICD (Islamic Corporation for the development of the private sector) and Thomson Reuters.