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Tuesday, Jul 23, 2024

MENA Sukuk Market Soars by 48% to Reach $6.2 Billion

MENA Sukuk Market Soars by 48% to Reach $6.2 Billion

In the first half of 2024, sukuk issuance across the Middle East and North Africa surged by 48 percent to one dollar 6.2 billion, driven by environmental, social, and governance-related projects. Saudi Arabia led with one dollar 3.98 billion in issuances, while the UAE contributed one dollar 2.25 billion. Fitch Ratings projects continued growth in sukuk, though risks such as geopolitical uncertainties and oil price fluctuations remain.
In the first half of 2024, Sukuk issuance across the Middle East and North Africa (MENA) surged by 48 percent to one dollar 6.2 billion, driven by environmental, social, and governance-related projects.

Saudi Arabia led the growth with five issuances totaling one dollar 3.98 billion, while the UAE accounted for one dollar 2.25 billion.

Emirates Islamic Bank made a significant debut with a one dollar 750 million issuance.

This trend reflects the MENA region's commitment to sustainable finance, particularly highlighted by the UAE's climate finance moves at COP28.

Despite competitive rates, the Islamic loan market saw a decline, totaling one dollar 13.35 billion, a 21 percent decrease compared to 2023.

Saudi Arabia was the top issuer with one dollar 33.6 billion in local and international capital markets, followed by Malaysia and the UAE.

Leading transactions included Saudi Arabia's one dollar 5 billion sukuk and Bahrain's one dollar 1 billion seven-year sukuk.

Fitch Ratings projects continued sukuk growth due to economic diversification and debt market maturation in the GCC, although risks such as geopolitical uncertainties and oil price fluctuations remain.

As of the first quarter's end, global outstanding sukuk expanded by 10 percent year-on-year to one dollar 867 million, with the GCC accounting for 35 percent.

Malaysia remains the largest market, with around 60 percent of its ringgit debt capital market in sukuk.
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