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Islamic finance sector will retain strong momentum in 2024

We expect demand for Islamic finance to remain robust in 2024, supported by sustained economic momentum thanks to ambitious development agendas in core Islamic markets and high oil prices. We expect sukuk issuance volumes to stabilise or fall slightly as higher financing needs for the Indonesian and Turkish sovereigns will be largely offset by lower sovereign issuance from Saudi Arabia and Malaysia. Activity among financial institutions and companies will remain robust but is likely to decline from high 2023 levels.

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