Mubasher: Global Sukuk issuances grew by 44% last year to $88 billion, compared to $61 billion in 2015, according to the 6th annual Sukuk Report issued by the International Islamic Financial Market (IIFM).
The research report noted that currently 86% of the $367 billion outstanding Sukuk are issued from just a handful of key markets, namely Malaysia, Saudi Arabia, UAE, and Indonesia while other countries like Turkey, Pakistan and other regions such as Africa in particular will gradually increase their market share in the coming years.
The maturing global Sukuk, with issue size of $100 million and above with tenor of more than a year, during 2017 and 2018 will be around $66 billion, the report noted.
“Sukuk have been issued for fulfilling the varied financing needs of the issuers such as enhancement of banks’ capital base, monetary and budgetary management, project financing, aircraft financing etc. which is an encouraging sign,” said Khalid Hamad, the IIFM chairman.