World Finance unveils the Islamic Finance Awards 2018

LONDON, April 05, 2018 -- The Islamic finance sector surprised market players around the globe with an incredibly successful 2017. Sukuk bonds, which generate returns without breaching Islamic law, came into high demand, with issuance surging by a phenomenal 45 percent to $97.9bn last year alone.

As a result, the sector has seen excellent liquidity conditions in the Gulf states, throughout which most sukuk assets are held. New markets have also opened up, allowing ambitious firms dealing in Islamic finance to expand and grow at impressive rates. World Finance magazine celebrates such institutions in the latest edition of its annual Islamic Finance Awards.

Despite the success of 2017, growth in sukuk issuance is slowing in 2018 as governments in the Gulf region moderate their budgets. The complex legal structure of sukuk products may also prove to be an ongoing challenge for foreign investors to enter the market.

There is, however, still much scope for growth. The appeal of the Islamic finance model continues to attract attention worldwide. The UK, for example, has been issuing sukuks since 2014, while the ICD, the world’s largest Sharia-compliant development bank, pushes ahead with plans to make Islamic financing models in Africa possible. It perhaps comes as little surprise then that the Islamic finance sector is expected to be worth a whopping $3.8trn by 2022.

As such, the coming years will be filled with both promises and challenges. Stubbornly low oil prices, together with ongoing geopolitical instability, will make long-term success a difficult goal that only the strongest Islamic banks will attain.

Although the Islamic finance sector faces turbulent times ahead, the winners of the World Finance Islamic Finance Awards 2018 are a testament that the ethical finance model can thrive, even under the most testing conditions.

To see the full list of winners, pick up the latest issue of World Finance, available online, on mobile and in print now.

www.worldfinance.com

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Elizabeth Matsangou
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