Emerging headwinds could slow progress in the global Sukuk markets compared to 2014, even though 2015 is likely to be a solid year overall. Supporting Sukuk issuance is the still-positive economic performance of core markets such as the GCC and Malaysia, the implementation of new regulatory requirements, and increasing interest in Sukuk from countries that have not yet tapped the Sukuk market looking to diversify their investor base. However overall issuance volumes could be lower in 2015 as a result of reduced global liquidity should the US Federal Reserve begin increasing interest rates in the 2nd half of 2015. Lower oil prices also pose a threat to issuances.