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Megatrends Report

ICD-Refinitiv OIC Megatrends Report 2022 

Understand the six megatrends facing the globe and how Islamic finance can leverage these trends to transform the market.

Technology and society are evolving at increasingly fast pace as digitalisation, artificial intelligence (AI), sectoral transformation, increasing social inequality, proactive youth and ageing societies transform the face of the globe.

In collaboration with the Islamic Corporation for the Development of Private Sector (ICD) we break down these six megatrends to highlight the potential within the Islamic finance ecosystem to lead market metamorphosis in the adjustment to these trends.

Our report not only underscores the interrelatedness between technology and society, but identifies the opportunities and solutions anchored in Islamic finance with the most potential to address the challenges we may face.

Access the full report to:

  • Gain insight on the comprehensive data informing our understanding of the megatrends
  • Understand the impact and opportunity of the six megatrends for countries within the Organisation of Islamic Cooperation 
  • The Islamic finance solutions with the potential to address the challenges and opportunities identified within these trends
  • 1.9 billion
    People of the OIC account for around 25% of the world’s population
  • $3.18 trillion
    10 OIC countries hold this much of Shariah-compliant assets representing 94% of global total.
  • 3 out of 50
    Only 3 out of the top 50 countries were Muslim-majority in the 2021 Global Innovation Index (GII). Those countries were UAE, Malaysia and Turkey.

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Disruption is a key catalyst for sectoral transformations that are now ubiquitous, metamorphising economies and creating new frontiers for innovation. Tech-enabled disruptions have also reached Islamic financial services, but more partnerships are needed in order for them to meet their fullest potential to transform OIC economies.

Funding Digitalisation

According to CB insights, global venture funding has more than doubled from $293.7 billion in 2020 to $620.8 billion in 2021.

OIC Countries' AI Adoption

OIC Countries scored 40.2 (out of 100) on the Global AI Readiness Index 2021, versus 50.4 for non-OIC countries.

Risks of Islamic banks

According to CIBAFI’s 2021 survey, four of the top 10 risks for Islamic banks were non-financial, indicating the growing interplay between megatrends and the risks they pose to these financial institutions.