S&P PREDICTS SLOW GROWTH FOR ISLAMIC BANKS
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