S&P Global Ratings believes the global Islamic finance industry will expand 10%-12% in 2021-2022. The expansion of Islamic banking assets in some Gulf Cooperation Council (GCC) countries, Malaysia, and Turkey and sukuk issuances exceeding maturities explain this expected performance. Islamic finance expanded rapidly in 2020 with total assets increasing 10.6% despite the double shock from the COVID-19 pandemic and drop oil prices. We expect oil prices to stabilize at $60 per barrel and a modest economic recovery for most core Islamic finance countries in 2021-2022. However, we think the industry will position itself toward more sustainable growth.