Sukuk Market Size, Share, Growth & Industry Outlook 2026-2034

IMARC Group, a leading global market research and management consulting firm, has published its latest market intelligence report on the sukuk market. The global Sukuk market size was valued at USD 1,376.70 Billion in 2025 and is projected to reach USD 4,190.90 Billion by 2034, expanding at a CAGR of 12.51% during the forecast period (2026-2034). The market is witnessing steady expansion, driven by sovereign infrastructure financing programs across Organisation of Islamic Cooperation (OIC) member states, large national transformation agendas in the Gulf, the rise of green and sustainable sukuk, and a growing Muslim population that is lifting demand for Shariah-compliant savings and investment products. Annual sukuk issuance of approximately USD 180 Billion shows how deeply governments and corporations now rely on asset-backed Islamic securities to fund budgets, infrastructure, and expansion.

How AI and Digital Technology Are Reshaping the Sukuk Market

• AI-Powered Shariah Screening and Structuring: Natural language processing models trained on AAOIFI, IFSB, and Securities Commission Malaysia standards can screen corporate activities, flag non-compliant contract clauses, and suggest whether an Ijarah, Murabahah, or Wakalah structure suits an issuer. This shortens structuring timelines and eases the shortage of Shariah-qualified finance professionals.
• Tokenized Sukuk on Distributed Ledgers: Permissioned blockchain platforms enable automated compliance checks, real-time asset monitoring, and smart contract-based profit distribution. Regulators in Dubai are supporting this shift through a dedicated Digital Assets Law and a tokenisation regulatory sandbox.
• Real-Time Pricing and Yield Analytics: Institutional terminals and Islamic finance databases now give investors live pricing and yield curve construction. This helps address one of the market's long-standing weak points, thin secondary trading and wide bid-ask spreads of 25 to 50 bps compared with 5 to 10 bps in conventional bond markets.

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Sukuk Market Trends and Drivers

Sovereign infrastructure financing is the foundation. The OIC's 57 member states face enormous infrastructure needs, and the World Bank has estimated that more than USD 1 trillion is required for climate action across the OIC. Sukuk is the preferred capital market instrument for many of these governments because it aligns with national religious values while opening access to deep pools of investor capital. Saudi Arabia illustrates the scale. Its national Vision agenda requires roughly USD 3.2 trillion of total investment, with the Public Investment Fund and the USD 500 Billion NEOM project generating steady issuance demand. The National Debt Management Centre (NDMC) raised USD 5.5 Billion (SAR 20.63 billion) in its first international issuance structured on an Ijarah basis under its Global Trust Certificate Issuance Program.

Green and sustainable sukuk are attracting ESG capital. "Islamic ESG" instruments satisfy Shariah rules, which prohibit haram industries and interest, and international standards such as the ICMA Green Bond Principles. European pension funds, UK institutional managers, and Japanese insurers are allocating to green and sustainability-linked sukuk as a diversifier. The global climate finance gap of about USD 4.3 trillion annually, cited by the UNFCCC, gives green sukuk a long runway in OIC countries where conventional green bond markets remain shallow.

Demographics and retail access widen the base. The global Muslim population is moving toward 2.2 Billion, and rising incomes are lifting demand for savings bonds, pension products, and investment instruments. Indonesia's Sukuk Tabungan (savings sukuk) programs are a good example of democratized access. Cumulative thematic sukuk issued by corporations in Indonesia reached approximately IDR 65.77 trillion (USD 4.11 billion) from 13 issuers across 34 issuances.

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Sukuk 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

Murabahah sukuk leads with a 45.6% share, reflecting its simple cost-plus sale structure and wide acceptance among Shariah boards.

Breakup by Currency:

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

The Malaysian Ringgit dominates at 50.6%. Bank Negara Malaysia uses sukuk (GII and MGII) as its primary open market operations instrument, which creates constant central bank demand across all tenors. USD-denominated sukuk holds 18.5% and is gaining ground as Gulf sovereigns and non-OIC issuers tap international investors. The Saudi Riyal accounts for 12.3%, the Indonesian Rupiah 8.2%, the Turkish Lira 4.8%, and the Kuwaiti Dinar 3.2%.

Breakup by Issuer Type:

• Sovereign
• Corporate
• Financial Institutions
• Quasi-Sovereign
• Others

Sovereign issuers hold the largest share at 49.9%, and sovereign sukuk serves as the Shariah-compliant benchmark for pricing all other issuance. Corporate sukuk follows with 22.5%, led by oil and gas, real estate, and banking issuers. Financial institutions account for 15.8%, covering Islamic bank AT1 and Tier 2 capital sukuk. Quasi-sovereign issuers such as PIF, Mubadala, and Khazanah Nasional hold 8.3%.

Breakup by Region:

• South East Asia
• Gulf Cooperation Council (GCC)
• Middle East and Africa (Excluding GCC)
• Others

South East Asia is the largest region at 57.3%. Malaysia's International Islamic Financial Centre hosts the world's deepest primary and secondary sukuk markets, backed by the Securities Commission's Capital Market Masterplan 3, which targets cross-border listings with GCC exchanges and digital issuance through the RINGGIT Platform. The GCC holds 28.4%, powered by Saudi Arabia's government infrastructure financing and the UAE's corporate sukuk activity from DIB, ADIB, and Emaar. Middle East and Africa excluding GCC holds 9.8% and is the fastest-growing region, with Turkey, Pakistan, Egypt, and Sub-Saharan Africa expanding their programs. Others account for 4.5%, including the UK, Luxembourg, Ireland, Hong Kong, Kazakhstan, and Azerbaijan.

Competitive Landscape

The report provides a comprehensive analysis of the competitive landscape in the sukuk market, with detailed profiles of all major companies, including:

• Malayan Banking Berhad
• CIMB Group Holdings Berhad
• Dubai Islamic Bank Public Joint Stock Company
• Abu Dhabi Islamic Bank Public Joint Stock Company
• Al Baraka Group B.S.C.

The market is moderately concentrated at the arranger tier. Maybank and CIMB together arrange roughly 35% to 40% of sukuk listed on Bursa Malaysia, and the top five arrangers handle about 40% to 45% of global arrangement volume. The top 10 sovereign programs make up about 85% of sovereign sukuk outstanding, while more than 50 other OIC member states are steadily joining the issuer universe.

What Does the Full Report Cover?

If you are tracking the sukuk market for investment decisions, market entry planning, competitive benchmarking, or strategic advisory, IMARC Group's report gives you everything in one place:

• Complete market sizing with revenue forecasts across the full projection period
• Segment-level share analysis by sukuk type, currency, issuer type, and region
• Drivers, restraints, opportunities, and challenges, including Shariah standardisation gaps and secondary market liquidity
• Competitive profiles of leading arrangers and Islamic banks with strategic assessment
• Porter's Five Forces, value chain analysis, and technology landscape coverage
• Emerging trends such as tokenized sukuk, green and blue sukuk, Sukuk Waqf, and retail digitalization

Recent News and Developments in the Sukuk Market

• June 2025: The Dubai Financial Services Authority announced the next phase of its Tokenisation Regulatory Sandbox and began engaging firms selected for its Innovation Testing Licence programme, strengthening the regulatory path for digital sukuk. In the same month, Indonesia's cumulative thematic corporate sukuk issuance reached approximately IDR 65.77 trillion.
• October 2025: Abu Dhabi Islamic Bank launched the first UAE Dirham-denominated sovereign sukuk for individual investors through the ADIB Smart Sukuk Platform, opening government Islamic securities to retail participants.
• November 2025: Dubai Islamic Bank raised a USD 1 Billion Sustainability-Linked Sukuk in the international market, priced at a profit rate of 4.572% per annum with a five-year tenor.
• January 2026: Saudi Arabia's National Debt Management Centre issued SAR 2.27 Billion in domestic sukuk, continuing its regular local currency program.
• February 2026: Maybank advanced its digital assets and tokenized money agenda under its transformation strategy, exploring tokenised Islamic finance products such as sukuk and funds with fractionalisation for wealth clients.

Note: If you require specific details, data, or insights that are not currently included in the scope of this report, we are happy to accommodate your request. As part of our customization service, we will gather and provide the additional information you need, tailored to your specific requirements.

Key Questions This Report Answers

• What is the current global sukuk market size and what is its projected value?
• Which issuer type, currency, and sukuk type hold the largest shares in the global sukuk market?
• What are the key drivers of sukuk market growth?
• Which region dominates the global sukuk market and which is expanding fastest?
• How are tokenization, green sukuk, and ESG-Islamic finance convergence reshaping competitive strategies?
• Who are the top companies in the global sukuk market and what are their strategies?
• What investment opportunities exist across green sukuk, USD-denominated sukuk, and African sovereign frontier markets?

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