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The financial market continues to give both positive and negative outlooks for 2017. The equity market in major developed regions is at an all-time high, with US stock leading the way. Nevertheless, and as is commonly known, financial institutions have cautioned investors with reports of market volatility, uncertainty and deteriorating corporate earnings.
But while the equity market seems to be experiencing a downturn, there is a positive outlook in Islamic finance. As reported by Standard & Poor (S&P) Islamic Finance Outlook 2017, Shariah compliant financial assets for this year are steadily growing to $3 trillion from $2.1 trillion at the end of 2016 as products expand in the Middle East, Southeast Asia, Africa and even America. Indeed, Islamic finance has expanded to many Western jurisdictions. In 2014 the United Kingdom (UK), for instance, became the first Muslim minority country to show interest in becoming a major player in Sukuk (Islamic bonds), a decision followed by Luxembourg, South Africa, Hong Kong and most recently Japan.