Standard & Poor's credit rating agency revealed that the Coronavirus pandemic provides an opportunity to convert to Islamic finance. Indicating that the global Islamic finance industry will continue to grow slowly in the period 2020-2021.
The agency expected a major slowdown in important Islamic financial economies this year, due to measures taken against the pandemic, and a moderate recovery in 2021. It was disclosed that the Islamic finance industry showed strong performance in 2019, thanks to the support of the more flexible Sukuk market.
According to the agency, the Corona pandemic provides an opportunity to convert to Islamic finance, as there is an opportunity to accelerate the long-term potential of the global Islamic financial industry.
S&P announced that the isolation measures taken to counter the pandemic had demonstrated the importance of promoting the use of technology and creating a graceful industry. Revealing that with the right coordination among those involved in Islamic finance, the sector can find new ways to achieve sustainable growth.
Source (The New Arab Newspaper, Edited)
