The global sukuk issuance still recorded a y-o-y growth of 14.6% (USD176.32 bil) in 2023 (2022: USD153.88 bil), despite rising rates, persistent volatility, and geopolitical conflicts. The positive momentum was supported by a robust growth in ESG and sustainability Sukuk as well as international sukuk by the GCC region led by Saudi Arabia and the UAE. Saudi Arabia kicked off the year strongly with the first international issue from Saudi National Debt Management Center with a USD10 bil Sukuk, whilst the UAE introduced its UAE Treasury Sukuk which helped boost sukuk issuances. New non-traditional market entrants to the sukuk market such as Egypt, the Philippines (which debuted their inaugural dollar sovereign Sukuk), and the US-based aircraft operating lessor, Air Lease Corporation also contributed. Strong USD-denominated Sukuk issuance in the Q4 2023 from the government of Turkey and Indonesia amounting USD2.5 bil and USD2 bil, respectively helped round out the year.
