KUALA LUMPUR: The growth of the Islamic finance sector will continue to outshine the conventional assets across core Islamic finance markets in coming years, Moody’s Investors Service said. It added that during the same period annual sukuk issuance more than doubled to US$100 billion (RM389 billion) from US$42 billion (RM163 billion). Moody's vice president and senior analyst Nitish Bhojnagarwala said Islamic finance sector will be supported by governments, whose objective is to grow the industry both domestically and globally, as well as by continued demand for Islamic products. Sukuk issuances also grew 17 per cent in 2017 to US$100 billion (RM389.60 billion), driven largely by Gulf Cooperation Council (GCC) sovereigns. Moody’s also said takaful’s growth momentum will continue this year over the medium term, spurred by strong growth prospects in Southeast Asia and North Africa.

Source: New Strait Times March 14, 2018 06:45 UTC