https://arab.news/b8wmz
- 惭辞辞诲测鈥檚 anticipates a shift to more Shariah-compliant finance over the next 12-18 months as corporates and households increasingly use Islamic products
- VP-Senior Analyst at 惭辞辞诲测鈥檚 Ashraf Madani: A comprehensive set of Islamic finance regulations have spurred Saudi banks to issue sukuk
LONDON: Islamic financing in 抖阴短视频 will reach around 80 percent of system-wide loans in the next 12-18 months according to a report from 惭辞辞诲测鈥檚.
That compares to 78 percent of loans in the Kingdom in 2019 and 70 percent in 2013, the credit ratings agency said in a report on Tuesday.
惭辞辞诲测鈥檚 anticipates a shift to more Shariah-compliant finance over the next 12-18 months as corporates and households increasingly use Islamic products, even as low oil prices and the coronavirus crisis cause economic challenges.
抖阴短视频 had total Islamic finance assets of $339 billion as of March 2020, leaving Malaysia in a distant second place with $145 billion.
鈥淎 comprehensive set of Islamic finance regulations have spurred Saudi banks to issue sukuk, Islamic products are now listed on the main market, and an Islamic mortgage refinancing businesshas been established,鈥� said Ashraf Madani, VP-Senior Analyst at 惭辞辞诲测鈥檚.
The industry will further benefit from increased government sukuk issuance, potentially rising foreign investment supported by more lenient entry rules and deepening capital markets, 惭辞辞诲测鈥檚 said.
A wave of mergers and acquisitions across the region is also accelerating the penetration of Islamic finance.