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The increase is attributed to the global issuance of foreign-currency denominated sukuk, which has increased by 10 percent in 2021, with large issuances in the Kingdom, such as that by oil giant Saudi Aramco, contributing to the rise.
On a broader scale, global sukuk issuance has slightly decreased to $147.4 billion in 2021, compared to $148.4 billion in 2020.
In an earlier report, the credit rating agency expected the volume of sukuk disbursement in 2022 to linger around $145-150 billion without significant growth, amid lower and more expensive global and regional liquidity, increased complexity and reduced financing needs for some core Islamic finance countries.
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