Global Islamic finance industry to grow 10% in 2023-2024 despite economic slowdown

The global islamic finance industry is expected to grow by around 10 per cent in 2023-2024 despite the economic slowdown, after posting a similar expansion in 2022 mainly led by the GCC countries, according to S&P Global Ratings.

The sector continued to expand in 2022, with assets up by 9.4 per cent compared with 12.2 per cent in 2021, supported by growth in banking assets and the sukuk industry, S&P said in a report on Monday.

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