Sukuk market size in 2026: USD 1.015 trillion outstanding, and where it came from

The headline figures

All from the International Islamic Financial Market (IIFM) Sukuk Report 2026, 15th edition, published 15 September 2026, covering calendar 2025.

Outstanding volume splits into USD 280.58 billion international (cross-border, mostly US dollar) and USD 734.93 billion domestic (issued and held mainly within one country, in local currency). The domestic figure is the one most people forget: nearly three-quarters of the market never crosses a border.

The year before, for comparison

IIFM's 14th edition (published November 2025, covering 2024) reported:

• Global issuance of about USD 205 billion in 2024.
• Outstanding sukuk of USD 902.82 billion at end 2024.
• International issuance of USD 65.6 billion, up 24.5% from USD 52.7 billion in 2023.
• Short-term issuance down to USD 59.1 billion from USD 72.7 billion.
• Cumulative issuance from 2001 to end 2024 of about USD 2.2 trillion.

Put the two years together and 2025 was a step change: issuance up by more than a quarter, international issuance up by half, and the trillion-dollar line crossed.

Why the numbers differ between sources

You will see other figures. They are not necessarily wrong; they are counting different things.

Rule of thumb: quote IIFM for IIFM's own figures, name the source every time, and never subtract one tracker's number from another's.

Where the growth came from in 2025

IIFM attributes the 2025 surge to three forces, visible in the components above:

1. Sovereign and quasi-sovereign funding needs. Governments and state-linked entities in the Gulf and Southeast Asia used sukuk for budget and project finance; quasi-sovereign issuance rose 66.5% to a record.
2. International demand. Cross-border issuance up 50.8% reflects conventional investors buying Gulf credit in sukuk form alongside Islamic buyers who must.
3. Refinancing. A large stock of sukuk issued in earlier years matured and was rolled.

What the market is made of

Three structural facts explain most of what you will read elsewhere:

• It is mostly sovereign. Just over half of issuance comes from governments, and quasi-sovereigns add a further large slice. Corporate sukuk are a minority.
• It is mostly domestic. Malaysia's ringgit market and Saudi Arabia's riyal market account for a large share of outstanding volume.
• It is mostly held to maturity. Secondary turnover is lower than in bond markets of similar size, which matters for anyone comparing liquidity. See how to invest in sukuk.

What the numbers mean for automation

A trillion-dollar instrument class that is mostly serviced through conventional registrars and paying agents is a large target for the operational changes described on this site. The April 2026 Khazanah tokenised pilot was RM100 million, about USD 25 million, against USD 1.015 trillion outstanding: a rounding error in volume and a milestone in method. See tokenised sukuk and the home page for why.

Update policy

This page is refreshed when IIFM or IFSB publishes a new edition, with the new figures added and the old ones kept for comparison. The last update date at the top of the page is the date to trust.