Sukuk Market Report 2026

Sukuk Market Overview

• Sukuk market size has reached to $1295.08 billion in 2025 • Expected to grow to $3001.8 billion in 2030 at a compound annual growth rate (CAGR) of 18.2% • Growth Driver: Rapid Urbanization Fuels Growth Of Sukuk Market • Market Trend: Sukuk Market Innovates With Sustainable Financial Instruments To Boost Ethical Investments • Saudi-Arabia was the largest region in 2025.

What Is Covered Under Sukuk Market?

An Islamic financial certificate is known as a sukuk, also known as an ''Islamic bond or sharia-compliant bond) denotes a percentage of ownership in a portfolio of permissible current or future assets. It is used to raise capital for a firm. The main types of sukuk are murabahah sukuk, salam sukuk, istisna sukuk, ijarah sukuk, musharakah sukuk, mudarabah sukuk, hybrid sukuk, and others. Murabahah sukuk is referred to as a type of Islamic financing bond in which both the seller and the buyer agree on the asset's cost and markup and it is used to purchase an item and resell it at cost plus a profit. The major currencies used are the Turkish lira, Indonesian rupiah, Saudi riyal, Kuwaiti dinar, Malaysian ringgit, United States dollar, and others by various issuers such as sovereign, corporate, financial institutions, quasi-sovereign, and others.

What Is The Sukuk Market Growth Forecast?

The sukuk market size is expected to see rapid growth in the next few years. It will grow to $3001.8 billion in 2030 at a compound annual growth rate (CAGR) of 18.2%. The growth in the forecast period can be attributed to increasing global demand for ethical investments, rising integration of sustainability-linked sukuk, expansion of cross-border sukuk issuance, growing participation of non-islamic investors, increased digitization of islamic capital markets. Major trends in the forecast period include growing issuance of green and social sukuk, rising adoption of digital sukuk platforms, expansion of sovereign sukuk programs, increasing structuring of hybrid sukuk instruments, enhanced transparency in shariah compliance.

Global Sukuk Market Segmentation

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

What Is The Driver Of The Sukuk Market?

The rapid urbanization in Middle Eastern countries is expected to propel the growth of the sukuk market going forward. Urbanization is the process of a nation's population gradually moving from rural to urban areas, with the proportion of urban residents growing faster than that of rural residents. The demand for infrastructure investment is created by urbanization, which subsequently spurs economic growth through a variety of avenues, such as lowering transaction costs and increasing productivity. In infrastructure development, sukuk is a popular and extremely effective way for governments to raise money locally and internationally through a sharia-compliant procedure without paying interest for the development of the country. For instance, in June 2024, according to Baker Institute, a US-based non-profit government organization, the population of Arab countries reached approximately 465 million. The urban population in the region is expected to rise from 279 million to about 362 million by 2035. This entails investing in education, infrastructure, and governance structures to foster an environment conducive to sustainable urban development. Therefore, the rapid urbanization in Middle Eastern countries is driving the growth of the sukuk industry.

Key Players In The Global Sukuk Market

Major companies operating in the sukuk market are 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

Global Sukuk Market Trends and Insights

Major companies operating in the sukuk market are focusing on sustainable and innovative financial instruments, such as green and social sukuk, to attract a broader range of ethical investors while supporting projects aligned with environmental and social goals. A Sharia-compliant investment fund is a financial vehicle that adheres to Islamic law Sharia, which prohibits interest and invests in ethical ventures while avoiding businesses related to alcohol, gambling, and other activities considered forbidden. For instance, in September 2024, Al Baraka Capital, a Bahrain Bay-based Islamic financial services company, launched the first Sharia-compliant investment fund with USD 4.11million(EGP 200 million) in financing for 20 small businesses in the industrial sector in exchange for a share of the revenues. The fund utilizes Sukuk, which are Islamic financial certificates similar to bonds but compliant with Sharia law. Sukuk represent ownership in tangible assets or projects, allowing investors to earn returns without violating Islamic prohibitions against interest (riba)

What Are Latest Mergers And Acquisitions In The Sukuk Market?

In July 2025, National Bank of Ras Al Khaimah (P.S.C.), a UAE-based bank, partnered with National Bonds to join the Al Manassah fintech platform for issuing, subscribing, and redeeming Sukuk (Islamic bonds). Through this collaboration, the companies aim to expand market access, improve operational efficiency, and enable seamless, automated Sukuk transactions for retail and corporate customers. National Bonds Corporation (NBC) is a UAE-based company that provides sukuk-related products and services.

Regional Outlook

Saudi-Arabia was the largest region in the sukuk market in 2025. The regions covered in this market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in this market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

What Defines the Sukuk Market?

The sukuk market consists of sales of true certificates, alternative civil law structures, investors’ credit exposure, and asset-backed. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

How is Market Value Defined and Measured?

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

What Key Data and Analysis Are Included in the Sukuk Market Report 2026?

The sukuk market research report is one of a series of new reports from The Business Research Company that provides market statistics, including Market Report 2026?global market size, regional shares, competitors with the market share, detailed market segments, market trends and opportunities, and any further data you may need to thrive in the sukuk Market Report 2026? The market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the Market Report 2026?