Introduction
The global sukuk market has been witnessing significant growth, driven by the increasing demand for Sharia-compliant financial instruments. In 2022, the global sukuk issuance reached approximately $180 billion, reflecting a robust annual growth rate of 12% from the previous year. The Multicurrency Sukuk segment has particularly gained traction, with countries diversifying their offerings to attract international investors. As Islamic finance continues to expand its footprint, the 2026 landscape promises even greater opportunities as issuers aim to tap into a broader investor base.
Top 20 Bond Global Multicurrency Sukuk Islamic Simultaneous 2026
1. Malaysia
Malaysia remains the largest sukuk market globally, accounting for over 50% of the total sukuk outstanding. In 2021, the country issued approximately $49 billion in sukuk, with a focus on infrastructure and development projects.
2. Saudi Arabia
In 2022, Saudi Arabia issued around $25 billion in sukuk, reflecting its efforts to fund Vision 2030 projects. The country’s strategic economic initiatives continue to drive the growth of its sukuk market.
3. United Arab Emirates
The UAE has emerged as a key player in the sukuk market, with issuances totaling approximately $20 billion in 2022. The Dubai government alone issued $1.7 billion in green sukuk to fund sustainable development initiatives.
4. Indonesia
Indonesia is the largest issuer of sukuk in Asia outside of Malaysia, with an issuance of approximately $12 billion in 2022. The government is leveraging sukuk to finance infrastructure projects and boost economic growth.
5. Qatar
Qatar’s sukuk market has seen significant activity, with $10 billion issued in 2022. The country’s ongoing infrastructure developments, especially for the FIFA World Cup, have fueled the demand for sukuk.
6. Turkey
Turkey issued approximately $7 billion in sukuk in 2022, aiming to finance various public and private sector projects. The country’s growing Islamic finance sector is expected to drive further sukuk growth.
7. Bahrain
Bahrain’s sukuk market reached $4 billion in 2022, focusing on public sector funding. The country has established itself as a hub for Islamic finance, attracting international investors.
8. Oman
Oman issued around $2 billion in sukuk in 2022, primarily to finance infrastructure projects. The government’s commitment to expanding its sukuk offerings is poised to enhance its market presence.
9. Pakistan
In 2022, Pakistan issued approximately $1.5 billion in sukuk. The government is actively exploring sukuk as a means to finance its fiscal deficit and stimulate economic growth.
10. Egypt
Egypt’s sukuk market is on the rise, with a total issuance of $1 billion in 2022. The government is focusing on raising funds for public projects through Islamic finance instruments.
11. Nigeria
Nigeria issued $1 billion in sukuk in 2022, primarily for infrastructure development. The country’s growing Muslim population is expected to drive demand for sukuk in the coming years.
12. Jordan
Jordan’s sukuk issuance reached $800 million in 2022, as the government seeks to diversify its funding sources. The Islamic finance sector in Jordan is gaining traction, attracting local and international investors.
13. Algeria
Algeria’s sukuk market is nascent but growing, with an estimated issuance of $500 million in 2022. The government is exploring sukuk as a means to fund various development projects.
14. Morocco
Morocco has issued approximately $250 million in sukuk in 2022. The government’s focus on Islamic finance is expected to bolster the sukuk market’s growth in the region.
15. South Africa
South Africa’s sukuk market saw a modest issuance of $200 million in 2022. The country is exploring opportunities to attract Islamic investors and enhance its financial landscape.
16. Senegal
Senegal issued its first sukuk in 2022, amounting to $150 million. This move signals the country’s commitment to developing Islamic finance and tapping into the growing sukuk market.
17. Brunei
Brunei issued approximately $100 million in sukuk in 2022, focusing on financing public infrastructure. The country’s Islamic finance sector is expected to grow with increased sukuk offerings.
18. Bangladesh
Bangladesh launched its first sukuk in 2022, valued at $50 million. The government aims to encourage Islamic financing to support its development goals and infrastructure projects.
19. Maldives
The Maldives issued approximately $25 million in sukuk in 2022, aimed at funding tourism-related projects. The growth of the Islamic finance sector in the Maldives is set to attract more foreign investments.
20. Afghanistan
Afghanistan has initiated plans to explore sukuk as a financing tool, with targeted issuances of $10 million in 2022. The potential for sukuk in Afghanistan remains largely untapped, presenting future opportunities.
Insights
The sukuk market is poised for continued expansion, driven by the increasing adoption of Islamic finance across various regions. As of 2023, the global sukuk market is expected to surpass $200 billion in total issuance. Factors such as rising demand for sustainable investments and the diversification of funding sources by governments are likely to contribute to this growth. Moreover, the increasing number of countries exploring Islamic finance indicates a broader acceptance of sukuk as a viable financing option, paving the way for innovative financial instruments by 2026. The continued evolution of the sukuk landscape offers significant opportunities for investors and issuers alike in the coming years.
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