GPI 2019 special report: Islamic finance

In 2017 sukuk issuance increased by 27%, bringing the total outstanding of these sharia-compliant bonds to 464bn. While corporate sukuk continue to make up the largest share of the market (47%), sovereign issues are accelerating. The total value of outstanding sovereign sukuk increased by 42% between 2017-18; the previous year’s increase was 13%. However, while the market has experienced a sevenfold increase over the last decade, it remains a tiny fraction (0.4%) of the global fixed income market, underlining the potential for growth. Malaysia still propels the international sukuk market, accounting for more than half of total sukuk outstanding. Saudi Arabia, the US and Indonesia follow, making up 37% of the market

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