Module 03
Sukuk world map
As at July 2026. Sources: S&P Global Ratings; Fitch Ratings; IIFM Sukuk Report.
Global outstanding
USD 1.1tn
1H 2026, +11% · Fitch
2025 issuance
USD 264.8bn
S&P · Fitch measures > USD 300bn
2026 forecast
USD 270–280bn
S&P Global Ratings
FX-denom. 2025
> USD 100bn
~2× 2021
Cartography
2025 issuance flow
Bubble size · 2025 primary issuance (USD bn)Bubble size · share of USD 1.1tn outstanding (%)
Show every tracked Sukuk marketFilter map + list to GCC markets onlyFilter map + list to ASEAN markets onlyFilter map + list to Türkiye & CA markets onlyFilter map + list to South Asia markets onlyFilter map + list to Africa markets onlyFilter map + list to Europe markets only
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Candid: 1H 2026 issuance fell 36% year-on-year to USD 125bn across GCC, Malaysia, Indonesia, Türkiye and Pakistan. Growth story remains intact on cumulative outstanding.
Country list
13 markets
| Market | Region | 2025 (bn) | Share | DCM % |
|---|---|---|---|---|
| Saudi Arabia | GCC | 72.5 | 27.4% | 41% |
| Malaysia | ASEAN | n/a | — | 16% |
| United Arab Emirates | GCC | n/a | — | 41% |
| Indonesia | ASEAN | n/a | 9.5% | 16% |
| Türkiye | TR_CA | n/a | — | 8% |
| Pakistan | South Asia | n/a | — | — |
| Bahrain | GCC | n/a | — | 41% |
| Qatar | GCC | n/a | — | 41% |
| Kuwait | GCC | n/a | — | 41% |
| Oman | GCC | n/a | — | 41% |
| Brunei Darussalam | ASEAN | n/a | — | — |
| Singapore | ASEAN | n/a | — | — |
| Hong Kong SAR | ASEAN | n/a | — | — |
Detail
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