GROWTH OF THE GLOBAL SUKUK MARKET: A SECONDARY-DATA ANALYSIS OF ISSUANCE TRENDS, 2015–2025

Abstract

This study analyzes growth trends in the global sukuk market over the period 2015–2025, using a secondary-data approach based on figures published by specialized Islamic finance institutions, foremost among them the International Islamic Financial Market (IIFM), the global credit rating agencies (S&P Global Ratings and Fitch Ratings), and the London Stock Exchange Group (LSEG). The analysis shows that annual global sukuk issuance rose from about USD 67.8 billion in 2015 to a record USD 291 billion in 2025, a calculated compound annual growth rate (CAGR) of roughly 15.7%, while the outstanding stock of global sukuk exceeded the USD 1 trillion threshold for the first time in the history of this market by the end of 2025. The analysis also reveals a high degree of geographic concentration in Malaysia, Saudi Arabia, and Indonesia (about 69% of cumulative issuance since 2001); a gradual structural shift toward ijara sukuk and hybrid structures at the expense of traditional murabaha sukuk; and rapid growth, albeit from a small base, in the sustainable and environmental sukuk segment. The study discusses the main drivers of this growth and the regulatory challenges it faces, chief among them Shari'ah Standard No. 62 issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).