Islamic Finance 2022-2023: Same constraints, new opportunities

The global Islamic finance industry continued to expand in 2021 with assets up 10.2 per cent, versus 11.4 per cent in 2020, supported by banking asset growth in some GCC countries and Malaysia, sukuk issuances exceeding maturities, and the solid performance of the Islamic funds industry.

S&P Global Ratings expects stronger economic growth in core Islamic finance countries and will boost industry assets about 10 per cent during 2022–2023. However, global headwinds could change the picture, with the US Federal Reserve and other major central banks further tightening their monetary policies. 

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