Issuance of sukuk denominated in foreign currency was up about 9% in the first half of 2023, thanks to Saudi Arabia and a few new issuers.
In a report “The Global Sukuk Market Is Showing Pockets of Opportunity,” S&P Global Ratings says it expects global sukuk issuance will total $160 billion-$170 billion this year. This figure is higher than S&P’s initial estimate of $150 billion, but still slightly below the figure in 2022 as local currency sukuk issuance declines.