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Saudi banking system to underpin Islamic finance market growth: S&P Global Ratings

The Islamic finance industry is forecast to grow in 2023-2024 thanks to Saudi Arabia’s strong banking system, according to a new report from S&P Global Ratings.

The US-based agency expects around 10 percent growth across the industry in 2023-2024 after seeing a similar expansion in 2022, with the Kingdom and Kuwait largely fueling last year’s rise.

S&P Global Ratings also believe that despite a predicted economic slowdown and a decline in sukuk issuance this year, new supplies of the product will exceed those set to mature.

Link: https://www.arabnews.com/node/2298231/business-economy

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