S&P Global Ratings believes the global Islamic finance industry will continue to expand slowly in 2019-2020. Total assets increased by only about 2% in 2018, compared with 10% in 2017, after a decline in the sukuk market, which saw strong performance the previous year. We do not expect the market to fare much better in the next two years given the significant volatility in key parameters such as oil prices and geopolitical risk.