Islamic Finance Industry to Continue to Grow 10-12% Over 2021 and 2022: S&P Global

S&P Global Ratings (S&P Global) expects the Islamic finance industry to continue its growth by 10-12% in 2021 and 2022, despite the fact that gross domestic product growth in some countries is expected to be lower than that which it had been historically.

Why it Matters?

Mohamed Damak, Global Head of Islamic Finance and Sector Lead, Financial Institutions, the Middle East and Africa, at S&P Global, noted that the Islamic finance industry would benefit from strong financing growth in Saudi Arabia in mortgages and corporate lending and would also be supported by Qatar, via investments related to the FIFA World Cup Qatar 2022. Overall Sukuk issuance is likely to increase between USD 140 billion and USD 155 billion in 2021, versus almost USD 14...