Sukuk are Sharia-compliant financial instruments in the form of certificates or ownership proof representing equal and indivisible shares (syuyu’/undivided share) in the underlying asset.
According to the Islamic Finance Development Indicator (IFDI) report, the outstanding value of Sukuk in Indonesia reached US$99 billion in 2023.
This figure represents 11% of the total global outstanding Sukuk value, making Indonesia the third-largest Sukuk market in the world.
Above Indonesia are Malaysia and Saudi Arabia, with values as shown in the graph.
Combined, the top three countries in this list contribute 76% to the total global outstanding Sukuk value.
Overall, the global outstanding Sukuk value in 2023 reached US$863 billion, a 9% year-on-year (YoY) growth compared to 2022.
According to the IFDI report, this growth was influenced by increased Sukuk issuance in major markets, a substantial supply from non-traditional markets, and a significant increase in green and sustainable Sukuk issuance.