In a research note yesterday, Moody’s said Islamic banking assets in key markets would continue to grow at a higher rate compared to conventional peers supported by robust economic activity in South-East Asia and the Gulf Cooperation Council , Bernama reported.
Moody’s said Islamic financing posted double-digit year-on-year growth in 2022, supported by robust economic activity across all core markets, and continued to outpace conventional credit growth. “The economic diversification agenda and a cultural affinity for Islamic finance fuelled demand for syariah-compliant financing. We expect Islamic assets in Saudi Arabia to account for 85% of system-wide loans over the next 12 to 18 months, from 83.3% in September 2022.”
Meanwhile, on the sukuk side, Moody’s expected issuance volumes to stabilise in 2023 after two consecutive years of decline, supported by rising financing needs from South-East Asian sovereigns, resilient activity on the banking and corporate side and the realisation of delayed issuances.
Source: Financial Digest (financialdigest.net)
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