Indonesia Has the World's Third Largest Sukuk Market

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Adi Ahdiat 29/08/2024 11:07 WIB

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According to the Islamic Finance Development Report, the outstanding value of sukuk (Islamic bonds) still circulating in Indonesia reached US$95 billion in 2022, the third largest globally.

Top 10 Countries with the Largest Sukuk Value in the World (2022)*

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Top 10 Countries with the Largest Sukuk Value in the World (2022)*

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Sukuk are long-term debt instruments governed by Islamic principles.

According to the Islamic Finance Development Report (IFDR), the global outstanding value of sukuk (unmatured or still circulating in the capital market) reached US$788 billion in 2022.

The largest outstanding sukuk value in 2022 was in Malaysia, at US$300 billion, equivalent to 38% of the global outstanding total.

Saudi Arabia had US$222 billion (28%) in outstanding sukuk, while Indonesia ranked third with US$95 billion (12%).

Other countries with significant sukuk issuance include the United Arab Emirates, Qatar, Turkey, Iran, Pakistan, Bahrain, and Kuwait, as shown in the graph.

According to the IFDR, the global sukuk market in 2022 had grown approximately threefold compared to the previous decade.

This growth was primarily driven by increasing financing needs and a broader investor base.

"Since 2002, sukuk growth has mainly been centered in traditional Islamic finance market countries. However, in the last decade, sukuk issuers from various countries in Europe, Asia, and Sub-Saharan Africa have entered the sukuk market to contribute," as quoted from the IFDR report.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."