S&P PREDICTS SLOW GROWTH FOR IS­LAMIC BANKS

Qatar Today - - BUSINESS > BANK NOTES -

Stan­dard and Poor’s lat­est re­port gives a luke­warm forecast for the growth of the Is­lamic fi­nance in­dus­try.

In the re­port en­ti­tled “Is­lamic Fi­nance To Still Grow In 2016 But With A Sag”, the rat­ings ser­vice said that growth is set to slow down next year over the sharp fall in oil rev­enues and reg­u­la­tory changes.”The in­dus­try has

achieved crit­i­cal mass - Is­lamic fi­nance as­sets world­wide ex­ceed $2 tril­lion by our es­ti­mate. But we now think the in­dus­try faces

chal­lenges from the de­cline in oil prices, changes in the global reg­u­la­tory frame­work for banks and in­sur­ance com­pa­nies, and its own frag­mented na­ture,” said Stan­dard

& Poor's Global Head of Is­lamic Fi­nance Mo­hamed Da­mak. It is ex­pected that Is­lamic

fi­nance growth will drop to sin­gle dig­its in 2016 from be­tween 10 and 15% over the past

decade.

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