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The GCC countries, led by Saudi Arabia, will remain supportive of the growth in the Islamic finance industry in the next 12-24 months, according to S&P Global Ratings.
The growth in the kingdom will be partly driven by the implementation of Vision 2030, which will likely create additional growth opportunities for the Saudi banking system and the sukuk market.
“While we generally believe that sukuk issuance volumes have reduced in 2023, new issuance will exceed maturing sukuk, resulting in another positive contribution to industry growth this year,” the ratings agency said in a report titled “Islamic finance’s role in the climate…
