The global Islamic finance industry will continue to expand slowly in 2019-2020, said S&P Global Ratings in a new report.

"However, inclusive standardization, financial technology (fintech), and opportunities related to the industry's social role could help accelerate growth in the next few years," said S&P Global Ratings head of Islamic Finance, Mohamed Damak, commenting on the report titled "Islamic Finance 2019-2020: One Industry, Three Accelerators”.

In particular, standard Sharia interpretation and legal documentation could simplify sukuk issuance and increase its appeal for issuers, while leaving some room for innovation.

"Fintech could stimulate growth by making transactions quicker, more secure, and easier to implement. And we believe the social role of Islamic finance could unlock new growth opportunities as core markets implement the UN Sustainable Development Goals, and issuers and investors become more sensitive to environmental, social and governance (ESG) issues," added Damak. – TradeArabia News Service