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Islamic Finance

We believe that 2017 will be another difficult year for Islamic finance. A few major factors are shaping the industry's growth and trends. On the downside, these include the possible negative impact of policy responses to low oil prices in the industry's core countries, as well as a lack of standardization in a sector that is still a collection of local small industries rather than a truly global industry. Offsetting these negatives are the efforts deployed by major stakeholders to increase the standardization of legal documentation and Sharia interpretation, the continuous interest from an increasing base of customers, the potential contribution of the industry to the financing of the United Nations' Sustainable Development Goals (UN SDGs), and the expected new opportunities created by Iran and other countries looking to tap or return to the sukuk market.