Sukuk Market Analysis 2023-2028, Industry Size, Share, Trends and Forecast

IMARC Group, a leading market research company, has recently releases report titled "Sukuk Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028." The study provides a detailed analysis of the industry, including the global sukuk market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How big is the sukuk market?
The global sukuk market size reached US$ 915 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2,276 Billion by 2028, exhibiting a growth rate (CAGR) of 16.2% during 2023-2028.

What is sukuk?
A Sukuk refers to the financial certificate that is issued in Islamic countries to represent the share of ownership in a portfolio of eligible or existing assets. It offers the investor proof of possession in an underlying asset and several financial obligations while conducting trade and other commercial activities. Furthermore, Islamic law prohibits the lending of money with interest payments, thereby forbidding the use of conventional bonds for financial transactions. Consequently, sukuk is used as an alternative, which does not display any debt obligation as the issuer utilizes the proceeds from the certificate to purchase an asset.

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What are the growth prospects and trends in the sukuk industry?
The inflating levels of urbanization in the Middle Eastern countries are primarily driving the sukuk market. Additionally, the increasing number of cross-border transactions is further catalyzing the market growth. Besides this, the launch of numerous favorable policies by government bodies for establishing sophisticated Shariah-compliant financial institutions with innovative products and services is acting as another significant growth-inducing factor. Moreover, various Islamic banking institutions are seeking strategic partnerships with foreign organization to participate in trade with other countries, which is also propelling the demand for sukuk. Apart from this, the rising investments in analytics that can offer better user experience and customized variants to the customers, on account of the widespread adoption of online transaction models, are anticipated to fuel the sukuk market over the forecasted period.

What is included in market segmentation?
The report has segmented the market into the following categories:

Breakup by Sukuk Type:

Murabahah Sukuk
Salam Sukuk
Istisna Sukuk
Ijarah Sukuk
Musharakah Sukuk
Mudarabah Sukuk
Hybrid Sukuk
Others

Breakup by Currency:

Turkish Lira
Indonesian Rupiah
Saudi Riyal
Kuwaiti Dinar
Malaysian Ringgit
United States Dollar
Others

Breakup by Issuer Type:

Sovereign
Corporate
Financial Institutions
Quasi-Sovereign
Others

Breakup by Region:

North America (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East & Africa

Who are the key players operating in the industry?
The report covers the major market players including:

Abu Dhabi Islamic Bank PJSC
Al Baraka Banking Group
Al-Rajhi Bank
Banque Saudi Fransi
Dubai Islamic Bank
HSBC Holdings Plc
Kuwait Finance House
Malayan Banking Berhad
Qatar International Islamic Bank
RHB Bank Berhad
Samba Financial Group

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