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Global Sukuk Market Price 2025, Forecast To 2034

5 Mar, 2025

How Has The Sukuk Market Size Evolved In Recent Years?

The sukuk market has seen considerable growth due to a variety of factors.
• In recent times, the sukuk market has witnessed a significant surge in size. This growth is projected to continue, with market size increasing from $1080.62 billion in 2024 to $1296.82 billion in 2025, reflecting a compound annual growth rate (CAGR) of 20.0%. The substantial development during the historic phase can be traced back to factors such as the expansion of Islamic finance, diversification in funding sources, infrastructure progression, government-led initiatives, global issuance of sukuk, and a rise in cross-border transactions.

What Does Future Hold for The Sukuk Market Size In The Coming Years?

The Sukuk market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the size of the sukuk market is projected to experience a swift expansion. By 2029, it's estimated to reach $2559.79 billion, with a compound annual growth rate (CAGR) of 18.5%.
This projected growth during the forecast period can be linked to the global economic recovery, the belt and road initiative, the rise of sustainable and green sukuk, growth in Islamic fintech, a variety of sukuk structures, and the increasing demand for wealth management. Major trends for the forecast period are expected to encompass novel sukuk structures, the digitalisation of sukuk issuance, improved regulatory frameworks, partnerships and cross-border collaborations, and participation from the private sector.

What Are The Primary Growth Drivers In The Sukuk Market?

Middle Eastern nations' swift urbanization is predicted to boost the sukuk market's expansion. Urbanization involves a country's populace steadily transitioning from rural to urban settings, resulting in a faster increase in urban inhabitants compared to rural ones. Urbanization creates a need for infrastructure investment, in turn promoting economic advancement through various means such as reducing transaction charges and enhancing productivity. Sukuk is a prevalent and highly potent method for governments to garner funds on a national and global scale, following a sharia-compliant process, without having to pay interest for the nation's development. As an example, the Baker Institute, a non-profit US government entity, reported in June 2024 that the Arab countries' population had reached roughly 465 million. By 2035, the urban populace in this region is projected to jump from 279 million to approximately 362 million. This calls for major investments in education, infrastructure, and governance systems to cultivate a supportive setting for sustainable urban growth. As a result, the fast-paced urbanization in Middle Eastern nations is acting as a catalyst for the sukuk market's expansion.

What Is The Segmentation Of The Global Sukuk Market?

The sukuk market covered in this report is segmented –
1) By Sukuk Type: Murabahah Sukuk, Salam Sukuk, Istisna Sukuk, Ijarah Sukuk, Musharakah Sukuk, Mudarabah Sukuk, Hybrid Sukuk, Other Sukuk Types
2) By Currency: Turkish Lira, Indonesian Rupiah, Saudi Riyal, Kuwaiti Dinar, Malaysian Ringgit, United States Dollar, Other Currencies
3) By Issuer Type: Sovereign, Corporate, Financial Institutions, Quasi-Sovereign, Other Issuer Types Subsegments:
1) By Murabahah Sukuk: Commodity Murabahah Sukuk, Asset-Backed Murabahah Sukuk
2) By Salam Sukuk: Agricultural Salam Sukuk, Industrial Salam Sukuk
3) By Istisna Sukuk: Construction Istisna Sukuk, Manufacturing Istisna Sukuk
4) By Ijarah Sukuk: Operating Ijarah Sukuk, Finance Ijarah Sukuk
5) By Musharakah Sukuk: Equity-Based Musharakah Sukuk, Project-Based Musharakah Sukuk
6) By Mudarabah Sukuk: Investment Mudarabah Sukuk, Short-Term Mudarabah Sukuk
7) By Hybrid Sukuk: Mixed Structure Sukuk, Multi-Tiered Sukuk
8) By Other Sukuk Types: Green Sukuk, Social Sukuk, Sukuk Al-Waqf

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What Emerging Trends Are Shaping The Sukuk Market Landscape?

Leading corporations in the sukuk market are leaning towards sustainable and creative financial tools, such as green and social sukuk, in order to draw a wider spectrum of moral investors while promoting projects that align with ecological and social objectives. An Islamic investment fund that is compliant with Sharia law serves as a financial conduit, which follows the Islamic law prohibiting interest and invests in ethical activities, steering clear of businesses related to alcohol, gambling, and other forbidden activities. For instance, in September 2024, Al Baraka Capital, a Bahrain Bay-based Islamic financial services firm, inaugurated the first Sharia-compliant investment fund, allotting USD 4.11 million (EGP 200 million) in investment to 20 small enterprises in the industrial sector in return for a portion of the revenues. The fund employs Sukuk, Islamic financial certificates akin to bonds but adhering to Sharia law. Sukuk provides ownership in physical assets or ventures, enabling investors to attain profits without breaching Islamic rules against interest (riba).

Who Are the Key Players In The Sukuk Market?

Major companies operating in the sukuk market include:
• Abu Dhabi Islamic Bank PJSC
• Al Baraka Group BSC
• Al Rajhi Bank
• Banque Saudi Fransi
• Dubai Islamic Bank
• Hongkong and Shanghai Banking Corporation
• Kuwait Finance House
• Malayan Banking Berhad
• Qatar International Islamic Bank
• Ajman Bank
• Citi Islamic Investment Bank
• Emirates NBD Bank PJSC
• Standard Chartered plc
• Qatar Islamic Bank
• First Abu Dhabi Bank
• Gulf International Bank
• Islamic Development Bank
• Kuwait International Bank
• Mashreq Bank
• Oman Arab Bank
• Sharjah Islamic Bank
• Alinma Bank
• Bank AlJazira
• Bank Islam Brunei Darussalam
• Bank Muamalat Malaysia Berhad
• Bank Negara Indonesia
• Bank of London and The Middle East
• Dubai Financial Market
• Islamic Financial Services Board
• Nasdaq Dubai
• London Stock Exchange

What Are The Regional Insights Into The Sukuk Market?

Saudi-Arabia was the largest region in the sukuk market in 2024. The regions covered in the sukuk market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa