Last year, global sukuk issuance fell short of market expectations, although it was higher than in 2015.
The agreement Iran has reached regarding its nuclear program could bring about its eventual economic rebound, and boost Islamic finance in particular, in Standard & Poor's view. Iran agreed the Joint Comprehensive Plan of Action (JCPA) with the P5+1 (China, France, Russia, the U.K., and the U.S. plus Germany) in July 2015. Standard & Poor's believes this bodes well for Iran's economy, if and when sanctions are lifted, and could boost Islamic finance. Iran is one of the largest players in the industry, contributing to around 40% of global Islamic banking assets