25-Jun-19, Zawya
A new report from S&P Global Ratings estimates the Islamic finance industry to show only about 5 percent growth in 2019-2020, owing to tepid economic conditions in certain core markets.
%20Zawya_Getty%20Images.jpg "GCC Islamic Finance industry to grow at 5pc (c) Zawya Getty Images")
Image: Zawya / Getty Images
"Fintech could stimulate growth by making transactions quicker, more secure, and easier to implement. We believe the social role of Islamic finance could unlock new growth opportunities as core markets implement the UN Sustainable Development Goals, and issuers and investors become more sensitive to environmental, social and governance (ESG) issues," said Mohamed Damak, S&P Global Ratings Head of Islamic Finance.