A "sukuk" is a financial certificate similar to a bond, but structured so as to comply with Islamic religious law (Sharia). The core difference is that a sukuk involves direct ownership in the asset/s the issuer purchases with the funds raised, whereas bonds are indirect debt obligations. Income received by the sukuk holder is therefore income generated by the underlying asset, whereas income from bonds is structured as interest payments.
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Distribution of total sukuk issuance globally 2023, by issuer type
Roughly half of the total global sukuk issuance worldwide in 2023 was sovereign sukuk, meaning it was issued and backed by governments. The country responsible for the highest share of sukuk issued in 2022 was Saudi Arabia, with almost 31.2 percent. Corporate issuances accounted for around 40 percent, with the remainder being issued by multilateral organizations and quasi-sovereign organizations.
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IFSB. (September 12, 2024). Distribution of total sukuk issuance worldwide in 2023, by issuer type [Graph]. In ÌÇÐÄÆÆ½â°æ. Retrieved July 31, 2026, from /statistics/1264332/distribution-sukuk-issuance-issuer-worldwide/
IFSB. "Distribution of total sukuk issuance worldwide in 2023, by issuer type." Chart. September 12, 2024. ÌÇÐÄÆÆ½â°æ. Accessed July 31, 2026. /statistics/1264332/distribution-sukuk-issuance-issuer-worldwide/
IFSB. (2024). Distribution of total sukuk issuance worldwide in 2023, by issuer type. ÌÇÐÄÆÆ½â°æ. ÌÇÐÄÆÆ½â°æ Inc.. Accessed: July 31, 2026. /statistics/1264332/distribution-sukuk-issuance-issuer-worldwide/
IFSB. "Distribution of Total Sukuk Issuance Worldwide in 2023, by Issuer Type." ÌÇÐÄÆÆ½â°æ, ÌÇÐÄÆÆ½â°æ Inc., 12 Sep 2024, /statistics/1264332/distribution-sukuk-issuance-issuer-worldwide/
IFSB, Distribution of total sukuk issuance worldwide in 2023, by issuer type ÌÇÐÄÆÆ½â°æ, /statistics/1264332/distribution-sukuk-issuance-issuer-worldwide/ (last visited July 31, 2026)
Distribution of total sukuk issuance worldwide in 2023, by issuer type [Graph], IFSB, September 12, 2024. [Online]. Available: /statistics/1264332/distribution-sukuk-issuance-issuer-worldwide/