Mubasher: The growth of the Islamic finance sector likely to slowdown in 2017, said a report published by S&P Global Ratings.

“We believe that number of factors may hinder the sector’s growth in 2017, topped by the measures imposed by the countries following the oil prices declines in major markets in addition to the absence of standard specifications for the sector,” said Mohamed Damak, global head of Islamic finance at S&P Global Ratings.

The sector still owns catalysts that enhance its further development, as it expected to maintain a growth rate of 5% in 2016, said Damak.

The sector’s value may reach $3 trillion by the next ten years, pointed out Damak.

The sector’s slight growth is derived from the economic slowdown in the GCC major markets, said the report.

However, the Islamic finance sector total assets forecasted to reach $2.1 trillion by the end of 2016, noted the report.