Thomson Financial - Moody's Investors Service said the Islamic finance market has grown by about 15 pct in each of the past three years, partly as a result of the increased wealth in Islamic countries, which in turn was driven by high oil prices.
The rating agency said looking ahead, the Islamic finance market shows no signs of slowing.
It expects the overall Sukuk or Islamic bonds issuance to continue to increase by about 30-35 pct per annum in 2008, Moody's (nyse: MCO - news - people ) said.
Moody's expects Islamic funds issuance to flourish, with new funds being raised in the GCC and Asia-Pacific.
It also notes that many GCC issuers opted for local currency-denominated sukuk in light of the declining US dollar, and demand for convertible sukuk continued, demonstrating investors' strong appetite for sukuk.
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