スクーク（イスラム債）市場レポート：スクークタイプ、通貨、発行体タイプ、地域別、2024-2032

世界のスクーク（イスラム債）市場規模は2023年に1兆633億米ドルに達しました。今後、IMARCグループは、2024年から2032年にかけての成長率（CAGR）は14.1％を示し、2032年には3兆6,193億米ドルに達すると予測しています。イスラム金融・銀行機関の拡大、資産の多様化の進展、インフラ整備の進展、イスラム金融当局や標準化団体による包括的で投資家に優しい規制枠組みの整備などが、市場を後押しする要因となっています。

イスラム債券とも呼ばれるスクーク（イスラム債）は、イスラム圏で発行されるユニークな金融商品で、既存または適格資産ポートフォリオの所有権を表します。これは、投資家が原資産を所有していることを具体的に証明するものであり、取引や様々な商取引の際に特定の金融上の権利と義務を伴う。イスラム金融では、シャリア法により有利子ローンの発行が厳しく禁じられており、従来の債券は金融取引に適さないです。その点、イスラム債は債務を構成しないため、説得力のある代替手段を提供します。その代わり、発行体は発行によって調達した資金を資産の取得に充て、イスラム金融の原則に沿った部分所有権を投資家に付与します。この特徴的な金融商品は、資本参加と資産担保金融の本質を体現しており、多様な経済活動への投資と資本動員を促進しながら、シャリア法の遵守を保証しています。世界市場におけるイスラム金融の永続的な進化を反映し、シャリアに準拠した投資手段として脚光を浴び続けています。

世界市場は、シャリアに準拠した金融商品に対する需要の高まりが主な要因となっています。これに伴い、投資家は倫理的で無利子の投資機会を求めており、スクーク（イスラム債）はこうした原則に完全に合致しているため、幅広く多様な投資家層を惹きつけています。さらに、政府や企業は、インフラ・プロジェクトのための資金調達、債務の借り換え、経済発展のための資金調達のために、ますますSukukを利用するようになっています。その資産担保型構造は、透明性が高く安全な投資手段を提供し、発行体と投資家にアピールしています。その上、規制当局の支援と標準化の努力が市場の進化を後押ししました。さまざまなイスラム金融当局が強固な規制の枠組みやガイドラインを確立し、市場の健全性と投資家の信頼を高めています。さらに、その適応性の高さも原動力となっています。不動産、インフラ、再生可能エネルギーなど、さまざまなセクターに対応した組成が可能で、発行体と投資家の双方に多様性をもたらしています。さらに、スクーク（イスラム債）の世界な魅力が国際的な発行体や投資家を惹きつけ、国境を越えた協力関係を促進し、市場の裾野を広げています。新興経済諸国におけるインフラ資金調達のニーズと、新興国市場における倫理的な投資オプションへの要望が融合し、市場成長のための有利な環境が整いつつあります。

スクーク（イスラム債）市場の動向と促進要因：

世界経済の不確実性の高まり

世界経済の不確実性の高まりは、市場に明るい見通しをもたらしています。経済が不安定な時代には、投資家は資本を保護するために安定的で安全な投資手段を求める。資産を裏付けとし、リスクを共有する性質を持つスクーク（イスラム債）は、こうした目的に完全に合致しています。従来の金融商品に代わる魅力的な選択肢を提供するものであり、利子ベースの取引や投機的な活動を禁止する倫理的原則に基づいて運営されています。経済の不確実性が続く中、安全資産としての魅力はますます高まっています。投資家は、従来の金融市場に伴うリスクを回避しながら、富を保全し、安定したリターンを得るための信頼できる手段であると見ています。政府や企業も、経済情勢が予断を許さない中で安定した資金源を提供するため、必要不可欠なプロジェクトに必要な資金を確保するためにスクーク（イスラム債）を利用しています。

中東諸国における急速な都市化

中東諸国における急速な都市化は、市場に数多くの機会をもたらしています。中東諸国では都市開発やインフラ整備が急速に進んでおり、こうした取り組みに対する資金需要が高まっています。シャリア準拠で資産担保型の構造を持つスクーク（イスラム債）は、大規模プロジェクトを実施する政府や企業にとって魅力的な資金調達オプションとなります。近代的な都市、交通網、公共事業、不動産プロジェクトの開発には多額の資金が必要であり、実行可能で倫理的に健全なソリューションを提供します。投資家は、安定性と予測可能なリターンに魅力を感じ、こうした開発プロジェクトに関連したスクーク（イスラム債）の募集に関心を寄せています。また、中東はイスラム金融の中心地であり、各国政府はイスラム金融市場の育成に熱心です。このようなコミットメントと支援的な規制枠組みが、都市化の取り組みに資金を供給するためのスクーク（イスラム債）の発行を後押ししています。

金融サービスのデジタル化の進展

金融サービスのデジタル化の進展は、市場の成長に好影響を与えています。金融サービスのデジタル・プラットフォームへの移行が進むにつれて、スクーク（イスラム債）の発行者と投資家は、発行と取引におけるアクセシビリティ、透明性、効率性の向上というメリットを享受しています。デジタル化はスクーク（イスラム債）発行プロセスを合理化し、管理上の複雑さやコストを削減します。この技術的進歩により、発行体は世界中の幅広い投資家層にリーチすることが可能となり、市場参入企業も多様化します。さらに、デジタル・プラットフォームは、パフォーマンスや市場開拓のリアルタイム追跡を容易にし、投資家に最新の情報や分析を提供します。このような透明性は投資家の信頼を高め、商品提供により多くの参加を促します。さらに、この発行にブロックチェーン技術とスマート・コントラクトが統合されたことで、安全性が高まった。決済時間が短縮され、効率的で安全な投資オプションを求める投資家にとって、市場はより魅力的なものとなります。金融市場がデジタル進化を続ける中、テクノロジーを取り入れることは、より広範な金融業界の動向と一致し、スクーク（イスラム債）をダイナミックで技術的に先進的な資産クラスとして位置づけ、その持続的成長と世界の魅力を促進します。

目次

第1章 序文

第2章 調査範囲と調査手法

• 調査目的
• 利害関係者
• データソース
  • 一次情報
  • 二次情報
• 市場推定
  • ボトムアップアプローチ
  • トップダウンアプローチ
• 調査手法

第3章 エグゼクティブサマリー

第4章 イントロダクション

• 概要
• 主要業界動向

第5章 世界のスクーク（イスラム債）市場

• 市場概要
• 市場実績
• COVID-19の影響
• 市場予測

第6章 市場内訳：スクークタイプ別

• ムラバハスクーク
  • 市場動向
  • 市場予測
• サラームスクーク
  • 市場動向
  • 市場予測
• イスティスナスクーク
  • 市場動向
  • 市場予測
• イジャラスクーク
  • 市場動向
  • 市場予測
• ムシャラカスクーク
  • 市場動向
  • 市場予測
• ムダラバスクーク
  • 市場動向
  • 市場予測
• ハイブリッドスクーク
  • 市場動向
  • 市場予測
• その他
  • 市場動向
  • 市場予測

第7章 市場内訳：通貨別

• トルコリラ
  • 市場動向
  • 市場予測
• インドネシア・ルピア
  • 市場動向
  • 市場予測
• サウジアラビアリヤル
  • 市場動向
  • 市場予測
• クウェートディナール
  • 市場動向
  • 市場予測
• マレーシアリンギット
  • 市場動向
  • 市場予測
• 米国ドル
  • 市場動向
  • 市場予測
• その他
  • 市場動向
  • 市場予測

第8章 市場内訳：発行体別

• ソブリン
  • 市場動向
  • 市場予測
• コーポレート
  • 市場動向
  • 市場予測
• 金融機関
  • 市場動向
  • 市場予測
• 準ソブリン
  • 市場動向
  • 市場予測
• その他
  • 市場動向
  • 市場予測

第9章 市場内訳：地域別

• 湾岸協力会議（GCC）
  • 概要
  • 市場促進要因
  • 現在の市場動向と過去の市場動向
  • 市場内訳：国別
  • 市場予測
• 東南アジア
  • 概要
  • 市場促進要因
  • 現在と過去の市場動向
  • 市場内訳：国別
  • 市場予測
• 中東・アフリカ（GCC諸国を除く）
  • 概要
  • 市場促進要因
  • 現在と過去の市場動向
  • 市場内訳：国別
  • 市場予測
• その他
  • 概要
  • 市場促進要因
  • 現在の市場動向と過去の市場動向
  • 市場内訳：国別
  • 市場予測

第10章 SWOT分析

• 概要
• 強み
• 弱み
• 機会
• 脅威

第11章 バリューチェーン分析

第12章 ポーターのファイブフォース分析

• 概要
• 買い手の交渉力
• 供給企業の交渉力
• 競合の程度
• 新規参入業者の脅威
• 代替品の脅威

第13章 価格分析

第14章 競合情勢

• 市場構造
• 主要企業
• 主要企業のプロファイル
  • 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

List of Figures

• Figure 1: Global: Sukuk Market: Major Drivers and Challenges
• Figure 2: Global: Sukuk Market: Sales Value (in Billion US$), 2018-2023
• Figure 3: Global: Sukuk Market: Breakup by Sukuk Type (in %), 2023
• Figure 4: Global: Sukuk Market: Breakup by Currency (in %), 2023
• Figure 5: Global: Sukuk Market: Breakup by Issuer Type (in %), 2023
• Figure 6: Global: Sukuk Market: Breakup by Region (in %), 2023
• Figure 7: Global: Sukuk Market Forecast: Sales Value (in Billion US$), 2024-2032
• Figure 8: Global: Sukuk (Murabahah Sukuk) Market: Sales Value (in Million US$), 2018 & 2023
• Figure 9: Global: Sukuk (Murabahah Sukuk) Market Forecast: Sales Value (in Million US$), 2024-2032
• Figure 10: Global: Sukuk (Salam Sukuk) Market: Sales Value (in Million US$), 2018 & 2023
• Figure 11: Global: Sukuk (Salam Sukuk) Market Forecast: Sales Value (in Million US$), 2024-2032
• Figure 12: Global: Sukuk (Istisna Sukuk) Market: Sales Value (in Million US$), 2018 & 2023
• Figure 13: Global: Sukuk (Istisna Sukuk) Market Forecast: Sales Value (in Million US$), 2024-2032
• Figure 14: Global: Sukuk (Ijarah Sukuk) Market: Sales Value (in Million US$), 2018 & 2023
• Figure 15: Global: Sukuk (Ijarah Sukuk) Market Forecast: Sales Value (in Million US$), 2024-2032
• Figure 16: Global: Sukuk (Musharakah Sukuk) Market: Sales Value (in Million US$), 2018 & 2023
• Figure 17: Global: Sukuk (Musharakah Sukuk) Market Forecast: Sales Value (in Million US$), 2024-2032
• Figure 18: Global: Sukuk (Mudarabah Sukuk) Market: Sales Value (in Million US$), 2018 & 2023
• Figure 19: Global: Sukuk (Mudarabah Sukuk) Market Forecast: Sales Value (in Million US$), 2024-2032
• Figure 20: Global: Sukuk (Hybrid Sukuk) Market: Sales Value (in Million US$), 2018 & 2023
• Figure 21: Global: Sukuk (Hybrid Sukuk) Market Forecast: Sales Value (in Million US$), 2024-2032
• Figure 22: Global: Sukuk (Other Sukuk Types) Market: Sales Value (in Million US$), 2018 & 2023
• Figure 23: Global: Sukuk (Other Sukuk Types) Market Forecast: Sales Value (in Million US$), 2024-2032
• Figure 24: Global: Sukuk (Turkish Lira) Market: Sales Value (in Million US$), 2018 & 2023
• Figure 25: Global: Sukuk (Turkish Lira) Market Forecast: Sales Value (in Million US$), 2024-2032
• Figure 26: Global: Sukuk (Indonesian Rupiah) Market: Sales Value (in Million US$), 2018 & 2023
• Figure 27: Global: Sukuk (Indonesian Rupiah) Market Forecast: Sales Value (in Million US$), 2024-2032
• Figure 28: Global: Sukuk (Saudi Riyal) Market: Sales Value (in Million US$), 2018 & 2023
• Figure 29: Global: Sukuk (Saudi Riyal) Market Forecast: Sales Value (in Million US$), 2024-2032
• Figure 30: Global: Sukuk (Kuwaiti Dinar) Market: Sales Value (in Million US$), 2018 & 2023
• Figure 31: Global: Sukuk (Kuwaiti Dinar) Market Forecast: Sales Value (in Million US$), 2024-2032
• Figure 32: Global: Sukuk (Malaysian Ringgit) Market: Sales Value (in Million US$), 2018 & 2023
• Figure 33: Global: Sukuk (Malaysian Ringgit) Market Forecast: Sales Value (in Million US$), 2024-2032
• Figure 34: Global: Sukuk (United States Dollar) Market: Sales Value (in Million US$), 2018 & 2023
• Figure 35: Global: Sukuk (United States Dollar) Market Forecast: Sales Value (in Million US$), 2024-2032
• Figure 36: Global: Sukuk (Other Currencies) Market: Sales Value (in Million US$), 2018 & 2023
• Figure 37: Global: Sukuk (Other Currencies) Market Forecast: Sales Value (in Million US$), 2024-2032
• Figure 38: Global: Sukuk (Sovereign) Market: Sales Value (in Million US$), 2018 & 2023
• Figure 39: Global: Sukuk (Sovereign) Market Forecast: Sales Value (in Million US$), 2024-2032
• Figure 40: Global: Sukuk (Corporate) Market: Sales Value (in Million US$), 2018 & 2023
• Figure 41: Global: Sukuk (Corporate) Market Forecast: Sales Value (in Million US$), 2024-2032
• Figure 42: Global: Sukuk (Financial Institutions) Market: Sales Value (in Million US$), 2018 & 2023
• Figure 43: Global: Sukuk (Financial Institutions) Market Forecast: Sales Value (in Million US$), 2024-2032
• Figure 44: Global: Sukuk (Quasi-Sovereign) Market: Sales Value (in Million US$), 2018 & 2023
• Figure 45: Global: Sukuk (Quasi-Sovereign) Market Forecast: Sales Value (in Million US$), 2024-2032
• Figure 46: Global: Sukuk (Other Issuer Types) Market: Sales Value (in Million US$), 2018 & 2023
• Figure 47: Global: Sukuk (Other Issuer Types) Market Forecast: Sales Value (in Million US$), 2024-2032
• Figure 48: Gulf Cooperation Council (GCC): Sukuk Market: Sales Value (in Million US$), 2018 & 2023
• Figure 49: Gulf Cooperation Council (GCC): Sukuk Market Forecast: Sales Value (in Million US$), 2024-2032
• Figure 50: South East Asia: Sukuk Market: Sales Value (in Million US$), 2018 & 2023
• Figure 51: South East Asia: Sukuk Market Forecast: Sales Value (in Million US$), 2024-2032
• Figure 52: Middle East and Africa (Excluding GCC Countries): Sukuk Market: Sales Value (in Million US$), 2018 & 2023
• Figure 53: Middle East and Africa (Excluding GCC Countries): Sukuk Market Forecast: Sales Value (in Million US$), 2024-2032
• Figure 54: Others: Sukuk Market: Sales Value (in Million US$), 2018 & 2023
• Figure 55: Others: Sukuk Market Forecast: Sales Value (in Million US$), 2024-2032
• Figure 56: Global: Sukuk Industry: SWOT Analysis
• Figure 57: Global: Sukuk Industry: Value Chain Analysis
• Figure 58: Global: Sukuk Industry: Porter's Five Forces Analysis

List of Tables

• Table 1: Global: Sukuk Market: Key Industry Highlights, 2023 and 2032
• Table 2: Global: Sukuk Market Forecast: Breakup by Sukuk Type (in Million US$), 2024-2032
• Table 3: Global: Sukuk Market Forecast: Breakup by Currency (in Million US$), 2024-2032
• Table 4: Global: Sukuk Market Forecast: Breakup by Issuer Type (in Million US$), 2024-2032
• Table 5: Global: Sukuk Market Forecast: Breakup by Region (in Million US$), 2024-2032
• Table 6: Global: Sukuk Market Structure
• Table 7: Global: Sukuk Market: Key Players

The global sukuk market size reached US$ 1,063.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 3,619.3 Billion by 2032, exhibiting a growth rate (CAGR) of 14.1% during 2024-2032. The increasing expansion of Islamic finance and banking institutions, the rising diversification of assets, the growing infrastructure development, and the development of comprehensive and investor-friendly regulatory frameworks by Islamic finance authorities and standardization bodies are some of the factors propelling the market.

A Sukuk, often called an Islamic bond, is a unique financial instrument issued in Islamic nations to represent ownership shares in an existing or qualified asset portfolio. It is tangible proof of an investor's ownership of the underlying asset, accompanied by specific financial rights and obligations during trade and various commercial transactions. The issuance of interest-bearing loans is strictly prohibited in Islamic finance due to Sharia law, making conventional bonds unsuitable for financial dealings. In this context, it offers a compelling alternative, as it doesn't constitute a debt obligation. Instead, the issuer deploys the funds raised through the issuance to acquire an asset, granting investors partial ownership in alignment with Islamic finance principles. This distinctive financial instrument embodies the essence of equity participation and asset-backed financing, ensuring compliance with Sharia law while facilitating investment and capital mobilization across diverse economic activities. It continues to gain prominence as a Sharia-compliant investment vehicle, reflecting the enduring evolution of Islamic finance in global markets.

The global market is majorly driven by the increasing demand for Sharia-compliant financial instruments. In line with this, the investors seek ethical and interest-free investment opportunities, and Sukuk perfectly aligns with these principles, attracting a broad and diverse investor base. Furthermore, governments and corporations are increasingly turning to Sukuk to raise capital for infrastructure projects, refinish debt, and fund economic development. Its asset-backed structure offers a transparent and secure investment avenue, which appeals to issuers and investors. Besides, regulatory support and standardization efforts propelled the market's evolution. Various Islamic financial authorities are establishing robust regulatory frameworks and guidelines, enhancing market integrity and investor confidence. Moreover, its adaptability is a driving force. It can be structured to cater to various sectors, including real estate, infrastructure, and renewable energy, providing both issuers and investors versatility. Additionally, the global appeal of Sukuk is attracting international issuers and investors, fostering cross-border collaboration, and expanding the market's reach. The need for infrastructure financing in emerging economies and the desire for ethical investment options in developed markets converge to create a favorable environment for market growth.

Sukuk Market Trends/Drivers:

Increasing global economic uncertainty

The increasing global economic uncertainty is creating a positive outlook for the market. In times of economic volatility, investors seek stable and secure investment avenues to safeguard their capital. With its asset-backed and risk-sharing nature, Sukuk aligns perfectly with these objectives. It offers a compelling alternative to conventional financial instruments, operating on ethical principles prohibiting interest-based transactions and speculative activities. As economic uncertainty persists, its appeal as a safe-haven asset intensifies. Investors view it as a reliable means to preserve wealth and generate steady returns while avoiding the risks associated with conventional financial markets. Governments and corporations also turn to Sukuk to secure financing for essential projects, as it provides a stable funding source amid economic unpredictability.

Rapid urbanization in the Middle Eastern countries

Rapid urbanization in Middle Eastern countries is offering numerous opportunities for the market. As these nations experience swift urban development and infrastructure expansion, the financing demand for these initiatives has increased. With its Sharia-compliant and asset-backed structure, Sukuk presents an attractive financing option for governments and corporations undertaking large-scale projects. The development of modern cities, transportation networks, utilities, and real estate projects requires substantial capital, and it provides a viable and ethically sound solution. Investors are drawn to Sukuk offerings tied to these development projects, attracted by their stability and predictable returns. Moreover, the Middle East is a hub of Islamic finance activity, and the local governments are keen on fostering the market. This commitment and supportive regulatory frameworks encourage the issuance of Sukuk to fund urbanization efforts.

Rising digitization of financial services

The rising digitization of financial services is favorably impacting market growth. As financial services increasingly migrate to digital platforms, Sukuk issuers and investors benefit from enhanced accessibility, transparency, and efficiency in issuance and trading. Digitization streamlines the Sukuk issuance process, reducing administrative complexities and costs. This technological advancement enables issuers to reach a broader investor base globally, attracting a diverse range of participants to the market. Additionally, digital platforms facilitate real-time tracking of the performance and market developments, providing investors with up-to-date information and analysis. This transparency builds investor confidence and encourages greater participation in product offerings. Moreover, the integration of blockchain technology and smart contracts in this issuance enhances security. It reduces settlement times, making the market more attractive for investors seeking efficient and secure investment options. As financial markets continue their digital evolution, embracing technology aligns with broader financial industry trends and positions Sukuk as a dynamic and technologically advanced asset class, fostering its sustained growth and global appeal.

Sukuk Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global sukuk market report, along with forecasts at the global and regional levels for 2024-2032. Our report has categorized the market based on sukuk type, currency, and issuer type.

Breakup by Sukuk Type:

Murabahah Sukuk

Salam Sukuk

Istisna Sukuk

Ijarah Sukuk

Musharakah Sukuk

Mudarabah Sukuk

Hybrid Sukuk

Others

Murabahah sukuk dominates the market

The report has provided a detailed breakup and analysis of the market based on the sukuk type. This includes murabahah, salam, istisna, ijarah, musharakah, Mudarabah, hybrid, and other sukuk. According to the report, murabahah sukuk represented the largest segment.

Murabahah Sukuk is characterized by its underlying transaction, based on selling commodities or assets at a cost-plus profit. This type appeals to a broad spectrum of investors and issuers due to its transparent and straightforward structure, making it a preferred choice for various financing needs. One key driver is its versatility in catering to corporate and government financing requirements, supporting diverse sectors such as infrastructure, real estate, and trade finance. This adaptability enhances its relevance in various economic scenarios.

Additionally, it aligns closely with Islamic finance principles, making it an attractive option for investors seeking Sharia-compliant investments. Its ethical and asset-backed nature ensures a consistent and reliable stream of returns, further fostering investor confidence and market growth. As governments and corporations increasingly turn to Murabahah Sukuk to fund their initiatives and investors seek ethical investment avenues, this type continues to drive the growth and expansion of the market.

Breakup by Currency:

Turkish Lira

Indonesian Rupiah

Saudi Riyal

Kuwaiti Dinar

Malaysian Ringgit

United States Dollar

Others

Malaysian Ringgit dominates the market

The report has provided a detailed breakup and analysis of the market based on the currency. This includes Turkish Lira, Indonesian Rupiah, Saudi Riyal, Kuwaiti Dinar, Malaysian Ringgit, United States Dollar, and others. According to the report, Malaysian Ringgit (MYR) represented the largest segment.

Malaysia has established itself as a global hub for Islamic finance, with a well-developed regulatory framework and a deep pool of expertise. This conducive environment encourages the issuance of MYR-denominated Sukuk, attracting both domestic and international issuers. The Malaysian government actively promotes Islamic finance and Sukuk issuance to fund infrastructure projects and stimulate economic development. This support fosters a robust pipeline of MYR-denominated offerings, further contributing to market growth.

Moreover, the stability of the Malaysian economy and the MYR as a currency enhances investor confidence. Investors seeking Sharia-compliant investments and exposure to the Malaysian market are drawn to MYR-denominated Sukuk. The MYR's appeal as a regional currency for trade and investment strengthens the demand for MYR-denominated Sukuk, particularly from neighboring countries in Southeast Asia.

Breakup by Issuer Type:

Sovereign

Corporate

Financial Institutions

Quasi-Sovereign

Others

Sovereign dominates the market

The report has provided a detailed breakup and analysis of the market based on the issuer type. This includes sovereign, corporate, financial institutions, quasi-sovereign, and others. According to the report, sovereign represented the largest segment.

Sovereign issuers in the market refer to national governments or state-owned entities that issue Islamic bonds to finance public projects and governmental activities. These Sukuks are generally considered the most secure and attract a large pool of investors due to their low risk, backed by the creditworthiness of the issuing government. Backed by the creditworthiness of national governments or state-owned entities, these Islamic bonds are primarily used to finance public projects and governmental initiatives, such as infrastructure and social welfare programs. Their low-risk nature and high liquidity make them attractive to a broad range of investors, both domestic and international. Moreover, sovereign Sukuks serve as a benchmark for pricing in the market, influencing how corporate and other issuer types are valued. They also play a pivotal role in the development of the Islamic financial market by attracting more participants and thereby fostering market liquidity and depth.

Breakup by Region:

Gulf Cooperation Council (GCC)

South East Asia

Middle East and Africa (Excluding GCC Countries)

Others

South East Asia exhibits a clear dominance, accounting for the largest market share

The market research report has also provided a comprehensive analysis of all the major regional markets, which include Gulf Cooperation Council (GCC), South East Asia, Middle East and Africa (Excluding GCC Countries), and others. According to the report, South East Asia accounted for the largest market share.

The South East Asia region holds a prominent position in driving market growth. Several factors contribute to its significance in shaping the market landscape. The region, with countries like Malaysia, Indonesia, and Singapore, boasts a strong Islamic finance ecosystem. These nations have well-established regulatory frameworks, Sharia-compliant financial institutions, and a deep pool of expertise, making them key contributors to the market. The governments in South East Asia actively promote Sukuk as a means to fund infrastructure projects and stimulate economic growth. They leverage this type of issuance to address critical infrastructure needs, attracting domestic and international investors.

Moreover, the region's vibrant economies and rapid development fuel the demand for Sukuk financing across various sectors, including real estate, transportation, and trade finance. This diversified application enhances its relevance and growth potential. Additionally, the region's proximity to key Islamic finance markets, such as the Middle East, fosters cross-border investment and collaboration, further expanding the market reach.

Competitive Landscape:

Top companies are strengthening market growth through a multifaceted approach. They are actively developing innovative Sukuk structures, catering to diverse investor demands and project financing needs. These structures, aligned with Sharia principles, enhance the market's versatility and attractiveness. Furthermore, these companies are expanding their geographic reach by collaborating with governments and corporations globally, promoting this type of issuance for infrastructure and development projects. Their international presence fosters cross-border participation and broadens the investor base. Moreover, top firms prioritize education and awareness initiatives, elucidating Sukuk investments' benefits and ethical principles. This drives investor confidence and fosters a deeper understanding of Islamic finance. Besides, these companies are at the forefront of digitalization, incorporating fintech solutions to streamline the issuance and trading, enhancing market efficiency and accessibility. Their commitment to compliance with evolving Sharia standards and adherence to robust governance practices solidifies Sukuk's reputation as a trusted and ethical investment option.

The report has provided a comprehensive analysis of the competitive landscape in the sukuk market. Detailed profiles of all major companies have also been provided.

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

Recent Developments:

In August 2023, Abu Dhabi Islamic Bank PJSC enhanced its mobile app for international money transfers.

In July 2023, Al Baraka Banking Group announced the completion of the exit of its stake in BTI Bank Morocco.

Key Questions Answered in This Report:

• How has the global sukuk market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global sukuk market?
• What is the impact of each driver, restraint, and opportunity on the global sukuk market?
• What are the key regional markets?
• Which countries represent the most attractive sukuk market?
• What is the breakup of the market based on the sukuk type?
• Which is the most attractive sukuk type in the sukuk market?
• What is the breakup of the market based on the currency?
• Which is the most attractive currency in the sukuk market?
• What is the breakup of the market based on the issuer type?
• Which is the most attractive issuer type in the sukuk market?
• What is the competitive structure of the global sukuk market?
• Who are the key players/companies in the global sukuk market?

Table of Contents

1 Preface

2 Scope and Methodology

• 2.1 Objectives of the Study
• 2.2 Stakeholders
• 2.3 Data Sources
  • 2.3.1 Primary Sources
  • 2.3.2 Secondary Sources
• 2.4 Market Estimation
  • 2.4.1 Bottom-Up Approach
  • 2.4.2 Top-Down Approach
• 2.5 Forecasting Methodology

3 Executive Summary

4 Introduction

• 4.1 Overview
• 4.2 Key Industry Trends

5 Global Sukuk Market

• 5.1 Market Overview
• 5.2 Market Performance
• 5.3 Impact of COVID-19
• 5.4 Market Forecast

6 Market Breakup by Sukuk Type

• 6.1 Murabahah Sukuk
  • 6.1.1 Market Trends
  • 6.1.2 Market Forecast
• 6.2 Salam Sukuk
  • 6.2.1 Market Trends
  • 6.2.2 Market Forecast
• 6.3 Istisna Sukuk
  • 6.3.1 Market Trends
  • 6.3.2 Market Forecast
• 6.4 Ijarah Sukuk
  • 6.4.1 Market Trends
  • 6.4.2 Market Forecast
• 6.5 Musharakah Sukuk
  • 6.5.1 Market Trends
  • 6.5.2 Market Forecast
• 6.6 Mudarabah Sukuk
  • 6.6.1 Market Trends
  • 6.6.2 Market Forecast
• 6.7 Hybrid Sukuk
  • 6.7.1 Market Trends
  • 6.7.2 Market Forecast
• 6.8 Others
  • 6.8.1 Market Trends
  • 6.8.2 Market Forecast

7 Market Breakup by Currency

• 7.1 Turkish Lira
  • 7.1.1 Market Trends
  • 7.1.2 Market Forecast
• 7.2 Indonesian Rupiah
  • 7.2.1 Market Trends
  • 7.2.2 Market Forecast
• 7.3 Saudi Riyal
  • 7.3.1 Market Trends
  • 7.3.2 Market Forecast
• 7.4 Kuwaiti Dinar
  • 7.4.1 Market Trends
  • 7.4.2 Market Forecast
• 7.5 Malaysian Ringgit
  • 7.5.1 Market Trends
  • 7.5.2 Market Forecast
• 7.6 United States Dollar
  • 7.6.1 Market Trends
  • 7.6.2 Market Forecast
• 7.7 Others
  • 7.7.1 Market Trends
  • 7.7.2 Market Forecast

8 Market Breakup by Issuer Type

• 8.1 Sovereign
  • 8.1.1 Market Trends
  • 8.1.2 Market Forecast
• 8.2 Corporate
  • 8.2.1 Market Trends
  • 8.2.2 Market Forecast
• 8.3 Financial Institutions
  • 8.3.1 Market Trends
  • 8.3.2 Market Forecast
• 8.4 Quasi-Sovereign
  • 8.4.1 Market Trends
  • 8.4.2 Market Forecast
• 8.5 Others
  • 8.5.1 Market Trends
  • 8.5.2 Market Forecast

9 Market Breakup by Region

• 9.1 Gulf Cooperation Council (GCC)
  • 9.1.1 Overview
  • 9.1.2 Market Drivers
  • 9.1.3 Current and Historical Market Trends
  • 9.1.4 Market Breakup by Country
  • 9.1.5 Market Forecast
• 9.2 South East Asia
  • 9.2.1 Overview
  • 9.2.2 Market Drivers
  • 9.2.3 Current and Historical Market Trends
  • 9.2.4 Market Breakup by Country
  • 9.2.5 Market Forecast
• 9.3 Middle East and Africa (Excluding GCC Countries)
  • 9.3.1 Overview
  • 9.3.2 Market Drivers
  • 9.3.3 Current and Historical Market Trends
  • 9.3.4 Market Breakup by Country
  • 9.3.5 Market Forecast
• 9.4 Others
  • 9.4.1 Overview
  • 9.4.2 Market Drivers
  • 9.4.3 Current and Historical Market Trends
  • 9.4.4 Market Breakup by Country
  • 9.4.5 Market Forecast

10 SWOT Analysis

• 10.1 Overview
• 10.2 Strengths
• 10.3 Weaknesses
• 10.4 Opportunities
• 10.5 Threats

11 Value Chain Analysis

12 Porters Five Forces Analysis

• 12.1 Overview
• 12.2 Bargaining Power of Buyers
• 12.3 Bargaining Power of Suppliers
• 12.4 Degree of Competition
• 12.5 Threat of New Entrants
• 12.6 Threat of Substitutes

13 Price Analysis

14 Competitive Landscape

• 14.1 Market Structure
• 14.2 Key Players
• 14.3 Profiles of Key Players
  • 14.3.1 Abu Dhabi Islamic Bank PJSC
    • 14.3.1.1 Company Overview
    • 14.3.1.2 Product Portfolio
    • 14.3.1.3 Financials
  • 14.3.2 Al Baraka Banking Group
    • 14.3.2.1 Company Overview
    • 14.3.2.2 Product Portfolio
    • 14.3.2.3 Financials
  • 14.3.3 Al-Rajhi Bank
    • 14.3.3.1 Company Overview
    • 14.3.3.2 Product Portfolio
    • 14.3.3.3 Financials
    • 14.3.3.4 SWOT Analysis
  • 14.3.4 Banque Saudi Fransi
    • 14.3.4.1 Company Overview
    • 14.3.4.2 Product Portfolio
    • 14.3.4.3 Financials
  • 14.3.5 Dubai Islamic Bank
    • 14.3.5.1 Company Overview
    • 14.3.5.2 Product Portfolio
  • 14.3.6 HSBC Holdings plc
    • 14.3.6.1 Company Overview
    • 14.3.6.2 Product Portfolio
    • 14.3.6.3 Financials
    • 14.3.6.4 SWOT Analysis
  • 14.3.7 Kuwait Finance House
    • 14.3.7.1 Company Overview
    • 14.3.7.2 Product Portfolio
    • 14.3.7.3 Financials
    • 14.3.7.4 SWOT Analysis
  • 14.3.8 Malayan Banking Berhad
    • 14.3.8.1 Company Overview
    • 14.3.8.2 Product Portfolio
    • 14.3.8.3 Financials
  • 14.3.9 Qatar International Islamic Bank
    • 14.3.9.1 Company Overview
    • 14.3.9.2 Product Portfolio
  • 14.3.10 RHB Bank Berhad
    • 14.3.10.1 Company Overview
    • 14.3.10.2 Product Portfolio
  • 14.3.11 Samba Financial Group
    • 14.3.11.1 Company Overview
    • 14.3.11.2 Product Portfolio
    • 14.3.11.3 Financials
    • 14.3.11.4 SWOT Analysis