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S&P: Global Islamic Finance Market to Grow at Low Single Digit at Best over 2020-21

S&P: Global Islamic Finance Market to Grow at Low Single Digit at Best over 2020-21

June 16, 2020 | Updated at June 16, 2020

http://islamicmarkets.com/articles/s-p-global-islamic-finance-market-to-grow-at-low-single
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By IM Insights

Following 6.6% growth in 2019, driven by a dynamic Sukuk market and good performance across the Gulf Cooperation Council (GCC) nations, Standard and Poor’s Global Ratings (S&P Global) forecasts stable growth in assets, or at best, low-single digit growth over 2020-2021.

The subdued estimates come on the back of the significant slowdowns witnessed across key Islamic finance economies in 2020 as a result of social distancing requirements and restrictions in relation to the on-going COVID-19 pandemic.

S&P Global estimates the volume of issuances in the Islamic finance market to reach USD 100 billion in 2020, compared to USD 162 billion in 2019. S&P Global notes that as at the e...