According to the Financial Services Authority (OJK) regulations, sukuk are sharia-compliant securities in the form of certificates or ownership proof representing an undivided share (syuyu’/undivided share) of the underlying asset.
According to the Islamic Finance Development Indicator (IFDI) report, the global outstanding value of sukuk reached US$863 billion in 2023, a 9% year-on-year growth.
"This increase is due to the rise in sovereign sukuk issuance to maintain the yield curve in major markets, a substantial supply from non-traditional markets, and a significant increase in green and sustainable sukuk issuance," as quoted from the IFDI report.
In 2023, the largest sukuk values were held in Malaysia (US$313 billion), Saudi Arabia (US$245 billion), and Indonesia (US$99 billion).
Combined, these three countries contributed 76% to the total global outstanding sukuk value.