Global sukuk issuances trended upward as at Sep-2023 (USD126.50 bil) – recording a 14.6% y-o-y growth compared to Sep-2022 (USD110.43 bil). Th increase was supported by healthy sukuk pipelines from both sovereign and corporate issuers, which improved by 13.9% and 18.1% y-o-y, respectively. Together, they accounted for a total of USD121.42 bil as at Sep-2023 (Sep-2022: USD105.28 bil).
With the global economy continued its tentative recovery, the top two core sukuk markets – Malaysia and Saudi Arabia – increased their issuances predominantly via local currency (LCY) sovereign sukuk, further strengthening their domestic market. While Malaysia issued USD32.70 bil sovereign sukuk as at Sep-2023 (Sep-2022: USD24.54) – a 33% y-o-y growth, Saudi Arabia increased its government sukuk issuance by 48% y-o-y to USD12.52 bil during the same period (Sep 2022: USD8.48 bil).
