Global Islamic finance forecast to grow as main markets recover, S&P says

Islamic finance has been on the rise for many years across markets in Africa, the Middle East and Southeast Asia.

DUBAI: The $2.2 trillion global Islamic finance industry is expected to grow 10%-12% over 2021-2022 due to increased Islamic bond issuance and a modest economic recovery in the main Islamic finance markets, S&P Global Ratings said.

The industry continued to grow last year despite the COVID-19 pandemic, although at a lower pace than in 2019, with global Islamic assets expanding by 10.6% in 2020 against growth of 17.3% the previous year.