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Announcement:

Moody's: Islamic finance set to extend growth, expanding faster than conventional finance

 The document has been translated in other languages

14 Mar 2018

DIFC - Dubai, March 14, 2018 -- The growth of the Islamic finance sector will continue to outstrip the growth of conventional assets across core Islamic finance markets in coming years, as demand for Shari'ah-compliant financial instruments rises, says Moody's Investors Service.

Islamic banking penetration in the Gulf Cooperation Council (GCC) increased to 45% of the total banking market, as of September 2017 from 31% in 2008. During the same period annual sukuk issuance more than doubled to $100 billion from $42 billion.

"The Islamic finance sector will be supported by governments, whose objective is to grow the Islamic finance industry both domestically and globally, as well as by continued demand for Islamic products from individuals," said Nitish Bhojnagarwala, a Vice President and Senior Analyst at Moody's. "Islamic insurers' penetration into Southeast Asia and North Africa will also drive growth in the industry."

The report, "Cross-Sector -- Islamic Finance: Strong longer-term growth prospects despite relatively flat 2018," is now available on www.moodys.com. Moody's subscribers can access this report via the link at the end of this press release. The research is an update to the markets and does not constitute a rating action.

"Globally, Saudi Arabia (A1 stable) remains the largest market for Islamic finance overall, with lslamic financing assets worth US$292 billion as of September 2017, while Oman (Baa2 negative) is the fastest-growing Islamic banking market, logging a growth rate of 20% in the first nine months of 2017. This rapid growth is being driven largely by the country's late entry into Islamic banking", adds Nitish.

Sukuk issuances grew 17% in 2017 to $100 billion, driven largely by GCC sovereigns. Moody's expects a similar level of issuance in 2018, although the recent recovery in oil prices could lower financing needs for some sovereigns. Corporate and asset-backed sukuk activity was muted in 2017 because of more attractive conventional market opportunities and Moody's expects the same for 2018.

The takaful sector continues to benefit from strong growth. The market attracted gross premium contributions of US$14.9 billion in 2015 and we estimate it attracted over US$20 billion in 2017. We expect this growth momentum to continue in 2018 and over the medium term, spurred by strong growth prospects in Southeast Asia and North Africa.

Subscribers can access the report at:

http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1113731

NOTE TO JOURNALISTS ONLY: For more information, please call one of our global press information hotlines: New York +1-212-553-0376, London +44-20-7772-5456, Tokyo +813-5408-4110, Hong Kong +852-3758-1350, Sydney +61-2-9270-8141, Mexico City 001-888-779-5833, São Paulo 0800-891-2518, or Buenos Aires 0800-666-3506. You can also email us at mediarelations@moodys.com or visit our web site at www.moodys.com.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Nitish Bhojnagarwala
Vice President - Senior Analyst
Financial Institutions Group
Moody's Investors Service Middle East Limited
Gate Precinct 3, Level 3
P.O. Box 506845
DIFC - Dubai
UAE
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Henry MacNevin
Associate Managing Director
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Middle East Limited
Gate Precinct 3, Level 3
P.O. Box 506845
DIFC - Dubai
UAE
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

No Related Data.
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