Ilmiy tadqiqot markazi

 

---

372 
Table 1 
GIFT (Governance Index for Trusts) index in Islamic finance
212
 
Ranking 
Country 
Score (max 100.0) 
1 
Malaysia 
80,8 
2 
Saudi Arabia 
80,4 
3 
Indonesia 
64,7 
4 
United Arab Emirates 
59,8 
5 
United Kingdom 
49,9 
6 
Bahrain 
46,4 
7 
Kuwait 
44,8 
8 
Singapore 
41,4 
9 
Qatar 
41,2 
10 
Hong Kong 
38,7 
…
 
…
…
 
54 
Syria 
7,4 
55 
Uzbekistan 
5,5 
…
 
…
…
 
62 
Niger 
2,7 
63 
Gambia 
2,1 
64 
Suriname 
0,7 
 
The index applied a total of 19 indicators across five different categories for each 
country. These five categories are: Talent; Regulation; Infrastructure; Islamic Fintech Market 
& Ecosystem; and Capital. These categories were weighted before an overall score was 
determined, with a heavier weighting given to the Islamic Fintech Market & Ecosystem 
category, since this is the most indicative by far of a country’s current conduciveness to 
Islamic Fintech specifically. Examples of indicators used:
Talent:
Employment in knowledge-intensive services, university ranking. 
Regulation:
Presence of Fintech regulations. 
Infrastructure:
ICT use, domestic credit to private Sector, university-industry 
collaboration. 
Islamic Fintech Market and Ecosystem:
Number of Islamic Fintechs in a country, number 
of Islamic financial institutions
Capital:
New business density, number of venture capital deals.
Islamic finance would seem at first sight to be ideally suited to the needs of small 
business, as 
mudarabah 
(profit-sharing) provides the Islamic bank the opportunity to share in 
the success of any enterprise, without penalizing businesses unduly for any failure. The 
partial transfer of risk from the entrepreneur to the bank inevitably makes the bank reluctant 
to engage in such financing unless a higher return is anticipated. Having such a return in the 
form of a substantial share of anticipated profits may deter the entrepreneur from seeking the 
finance in the first place. There is in addition a principal
–
agent problem of asymmetric 
information. Where the bank is the principal and the entrepreneur the agent, there will 
always be the temptation to report a lower profit. This is why financial reporting by the 
entrepreneur for successful 
mudarabah 
is very important as it avoids the moral hazard 
problem. 
In practice most Islamic bank financing is through 
murabahah 
trade financing, a 
reflection partly of the low-risk nature of such finance, which involves the bank purchasing a 
good on behalf of a client and reselling the good to the same client at a predetermined mark-
up. Such financing in many countries throughout the Muslim world simply reflects business 
demands and the trading character of much economic activity. In these countries the types of 
212
N. Nazarov, a scientific article "Islamic banking: problems, solutions and prospects" p 3., 2023 

---

373 
financing do not differ significantly between conventional and Islamic banks; rather it is the 
financing methods that differ. Leasing or 
ijarah 
is the second most popular method of 
financing for many Islamic banks, but this has also become more significant for conventional 
banks. The latter often provide leasing facilities through specialized subsidiaries, but Islamic 
banks tend to view leasing as a mainstream activity and part of their core business. Again 
unlike 
musharakah
, there is little risk involved, as the goods or equipment being leased serve 
as collateral for the financing.