Global sukuk issuances reached $205 bn in 2024

The International Islamic Financial Market (IIFM) released the 14th edition of its annual sukuk report, revealing that global sukuk issuances totaled $205 billion in 2024, with international sukuk reaching their highest level since inception.

According to the report, international sukuk issuances rose 24.5% year-on-year to $65.6 billion, supported by improved global liquidity and lower funding costs. However, short-term sukuk declined to $59.1 billion, reflecting reduced domestic issuance and a shift away from short-term instruments.

The report also found that outstanding global sukuk reached $902.8 billion in 2024, with most issuances originating from Bahrain, Malaysia, Saudi Arabia, the UAE, and Indonesia. Emerging markets such as Türkiye, Pakistan, Qatar, Oman, and several African economies are expected to play a larger role in the coming years.

Dr. Ahmed Rufai, acting CEO of IIFM, said hybrid and intangible asset sukuk will be central to the industry’s future growth. “Standardizing documentation for these instruments is the cornerstone of a more mature and stable Islamic finance ecosystem,” he said, noting that harmonization would enhance transparency, reduce issuance costs, and support cross-border financing.