Sukuk Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Sukuk by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Sukuk , The sukuk market size has grown rapidly in recent years. It will grow from $904.5 billion in 2023 to $1084.8 billion in 2024 at a compound annual growth rate (CAGR) of 19.9%. The growth in the historic period can be attributed to islamic finance growth, diversification of funding sources, infrastructure development, government initiatives, global sukuk issuance, increased cross-border transactions..

The sukuk market size is expected to see rapid growth in the next few years. It will grow to $2160.55 billion in 2028 at a compound annual growth rate (CAGR) of 18.8%. The growth in the forecast period can be attributed to global economic recovery, belt and road initiative, sustainable and green sukuk, islamic fintech growth, diversity of sukuk structures, wealth management demand.. Major trends in the forecast period include innovation in sukuk structures, digitalization of sukuk issuance, enhanced regulatory frameworks, partnerships and cross-border collaboration, private sector participation..

The rapid urbanization in Middle Eastern countries is expected to propel the growth of the sukuk market going forward. Urbanization is the process of a nation’s population gradually moving from rural to urban areas, with the proportion of urban residents growing faster than that of rural residents. The demand for infrastructure investment is created by urbanization, which subsequently spurs economic growth through a variety of avenues, such as lowering transaction costs and increasing productivity. In infrastructure development, sukuk is a popular and extremely effective way for governments to raise money locally and internationally through a sharia-compliant procedure without paying interest for the development of the country. For instance, in October 2021, according to the Middle East Institute, a US-based non-profit organization think tank, and cultural center, almost two-thirds of the population of the Middle East lives in cities, above the global total of just over half. Additionally, In July 2022, according to the Brookings Institution, a US-based research institute, in the developed world and middle-income nations in Latin America, Europe, the Middle East, and North Africa, urbanization rates hover at around 70%, and they are rising quickly at other developing economies. Therefore, the rapid urbanization in Middle Eastern countries is driving the growth of the sukuk market.

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The sukuk market covered in this report is segmented –

1) By Sukuk Type: Murabahah Sukuk, Salam Sukuk, Istisna Sukuk, Ijarah Sukuk, Musharakah Sukuk, Mudarabah Sukuk, Hybrid Sukuk, Other Sukuk Types
2) By Currency: Turkish Lira, Indonesian Rupiah, Saudi Riyal, Kuwaiti Dinar, Malaysian Ringgit, United States Dollar, Other Currencies
3) By Issuer Type: Sovereign, Corporate, Financial Institutions, Quasi-Sovereign, Other Issuer Types

Strategic partnerships are a key trend gaining popularity in the Sukuk market. Many companies operating in the sukuk market are undergoing partnerships to strengthen their position in the market. For instance, in March 2021, City Bank Capital Resources Limited, a Bangladesh-based investing banking company partnered with Bangladesh Export Import Company Limited (BEXIMCO), a Bangladeshi multinational conglomerate holding company, to jointly issue Tk 3,000 core worth of sukuk Al Istisna bonds that are consistent with Islamic law. This partnership aims to purpose the construction of the solar projects of Teesta Solar Limited and Korotoa Solar Limited. Further, in June 2022, Abu Dhabi Islamic Bank (ADIB), a UAE-based Islamic bank collaborated with Visa Inc., a US-based provider of financial services. The partnership aims to further grow digital payments in the UAE, offering customer-centric solutions to ADIB cardholders.

The sukuk market report table of contents includes:

1. Executive Summary

2. Sukuk Market Characteristics

3. Sukuk Market Trends And Strategies

4. Sukuk Market – Macro Economic Scenario

5. Global Sukuk Market Size and Growth

6. Sukuk Market Segmentation

7. Sukuk Market Regional And Country Analysis

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27. Sukuk Market Competitive Landscape And Company Profiles

28. Key Mergers And Acquisitions In The Sukuk Market

29. Sukuk Market Future Outlook and Potential Analysis

TOP MAJOR PLAYERS:

• Abu Dhabi Islamic Bank PJSC
• Al Baraka Group BSC
• Al Rajhi Bank
• Banque Saudi Fransi
• Dubai Islamic Bank
• Hongkong and Shanghai Banking Corporation

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