Gulf nations witness 178% surge in US Dollar sukuk issuance: Fitch Ratings

RIYADH: The Gulf Cooperation Council countries witnessed a surge in US dollar sukuk issuance, registering a 178 percent year-on-year growth in the past year. 

According to a report by Fitch Ratings, in core markets like the GCC, Malaysia, Indonesia, Pakistan, and Turkiye, sukuk accounted for a 29 percent share of debt capital market issuances across all currencies in 2023.  

This reflects a decrease from 35 percent in 2022, with a 40 percent share in US dollars, showing a 1.6 percent decline compared to the previous year.