Improving the Methodology for Assessing the Development of Islamic Finance in Developing Countries

The article analyses existing approaches to measuring the level of Islamic finance development in developing countries and identifies their main shortcomings: excessive focus on size, neglect of social outcomes, subjectivity in weighting, and data limitations. To address these problems, a five-block Integrated Islamic Finance Development Index (IMRI) methodology is proposed. The methodology includes the stages of normalisation, hybrid weighting, non-compensatory aggregation, robustness testing, and macroeconomic validation.