Global Sukuk Market Review - Jan-Dec 2024

Sukuk Issues Results for 2024

Cbonds is delighted to share the newest edition of our Sukuk Report, a statistical analysis of global Sukuk issuances.

2024 was an active year for sukuk issuance, with over 1,100 issues, totaling over 174 bln USD. This represents a 22% increase in sukuk issuance compared to 2023.  By the end of 2024, 21 countries had participated in the sukuk market. Key contributing regions include the Middle East and Asia, with countries like Saudi Arabia, Malaysia, and the United Arab Emirates playing major roles in driving issuance volume.

Saudi Arabia remained the leader, issuing 45 sukuk and capturing 28% of the market share (up from 25% in 2023). Malaysia followed closely with 253 issues, holding a 17% market share, while Kuwait rounded out the top three with 37 sukuk issues, representing 15% of the total market share.

2024 also saw the entry of new countries into the sukuk market, including Ireland, Norway, Finland, South Africa, Kazakhstan, and Russia, highlighting the growing global appeal of sukuk instruments.

Sovereign Sukuk continued to dominate the market, though their share decreased slightly to 56% in 2024 (up from 60% in 2023).

In summary, sukuk continues to expand its presence in the global financial market. The growing number of participating countries underscores the increasing interest and attractiveness of this financial instrument. Additionally, the balanced structure of issuances reflects equal interest from both state-owned entities and corporations, highlighting Sukuk's broad appeal across different sectors.