Zakat, Waqf, and Social Sukuk Can Support Long-Term Growth of Islamic Finance: S&P

Standard and Poor’s Global (S&P Global) expects the global Islamic finance industry to record a mild recovery in the short-term, following 11.4% year-on-year growth witnessed in 2019. The modest forecasts come on the back of a significant slow-down in core Islamic finance economies in 2020 as governments of various countries implemented measures to contain the effects of COVID-19.

Having forecast low-to-mid-single-digit growth for the global Islamic finance sector for 2020/2021, S&P Global has identified some opportunities for the sector to unlock its true potential in the long-term.

According to S&P Global, social instruments can assist banks, companies and individuals ride...