United Arab Emirates
The Data for the Global Islamic Economy Indicator and State of Islamic Economy Report is brought to you by Thomson Reuters with the collaboration of Dinar Standard and supported by the Dubai Capital of Islamic Economy. The information is gathered in good faith from various sources believed to be correct at the time of publication, but whose accuracy cannot be guaranteed. The information should not considered as legal or professional advice or a substitute for advice covering any specific situation and we specifically disclaim all liability arising out of any reliance on this information.
The Islamic economic sectors operate within a business and financial environment that demands them to adapt to constant change, but there is limited reliable information and data on these sector to evaluate their development. The Global Islamic Economy Indicator is meant to be a true barometer of the state of the Islamic economic sectors across their fundamentals. The Indicator aims to introduce a new way of measuring development by combining data of the different elements of the sectors into a singular composite Indicator. This quantified information will help facilitate further comprehension of how the different parts of the market are developing over time.
The Global Islamic Economy Indicator is a composite weighted index that measures the overall development of the Islamic economic sectors by assessing the performance of its parts in line with its broader social obligations. It is a global level composite indicator with selected national and industry component level indicators.
The Indicator will systematically measure the development of the Islamic economy, using multi-dimensional measures that comprehensively assesses all elements of the Islamic economy.
The indicator will operate on multiple levels, as depicted below:
The Global Islamic Economy Indicator (GIEI) is a single measure that captures a holistic assessment of the Islamic economy industry across all sectors. It is a product of a number of key sub-indicators underlining the industry. Disaggregation of data helps expose the disparities, differences and movements that may not be exclusively covered in wide-ranging aggregate terms.
The different components that make up the Indicator were selected based on an outline of the key constituents of the industry as a whole and are based on key contemporary issues covering financial, governance, awareness & social. All are fundamentally important for the development of the industry as a global business.
The data employed in the Global Islamic Economy Indicator when aggregating data and computing indicator values included information that are publicly disclosed only. The employment of disclosed information ensures reliability and consistency of the results.
The methodology for calculating the Indicator values has been developed based on the following key characteristics:
For numerical values ($ amounts) and numbers (eg. number of seminars/conferences):
The Rationalizing Coefficient is calculated as follows:
For percentage values (eg. return on equity):
For yes/no values (eg. are there regulations for Islamic banks):
Metric Value = Metric Weight if yes, 0 if no
Scale Value is the average for all absolute values for that metric (not including zeros).This value forms the basis of our scale for that metric and will remain unchanged for future years.
This will ensure the development of the metric is not restricted to a particular range, and the first year will form the base year against which relative growth in the metric is measured.
The Metric Weight is designed to ensure that metrics of a particular Sub-indicator are weighted to ensure that all Sub-indicators are comparable, regardless of the number of metrics used to derive each.
The Metric Weight is calculated as follows:
The Rationalizing Coefficient is specific to each country and is designed to adjust the scale based on the size of the country. This is design to ensure comparability of the indicator values across countries.
We have designed the Rationalizing Coefficient to compare the relevant size of countries based on the size of their GDP and population. These are compared to median value for all countries (so as not to be skewed by extreme values at both ends of the scale).
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