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Sukuk Perceptions and Forecast Study 2021: Thriving Amidst Uncertainty

The sukuk market has gained momentum despite the pandemic. Find out how and why.

Global sukuk issuance reached $147 billion in the first nine months of 2021, carrying over momentum from 2020 and on track to reach $180 billion by the end of the year.

Refinitiv’s Sukuk Perceptions and Forecast Study 2021 provides an overview of the sukuk primary and secondary markets, highlighting recent developments in light of the Covid-19 outbreak and economic recovery efforts in core Islamic finance markets. Additionally, projection for sukuk issuance, market size and supply-demand gap are presented through Refinitiv’s proprietary Sukuk Supply and Demand Model.

The report features the findings of the Refinitiv’s 2021 Sukuk Survey, shedding light on market perceptions of future growth, trends and continuing challenges facing both sukuk issuers and investors. Around 35% of our survey respondents said they were bullish growth in the global sukuk market, anticipating issuance to reach $180 billion or higher in 2021. However, corporate issuance is still held back by some challenges, mainly the high cost of issuance. In our survey, 56% of respondents considered high issuance costs and the smaller size of corporate issues to be the biggest challenged hindering corporate sukuk issuance activity.

The report also takes a look at recent emerging trends in the market, including green and sustainable, retail and Fintech-driven sukuk. ESG has become a major trend in the sukuk market with cumulative ESG sukuk issuance amounted to $15 billion by Q3 2021. 74% of our survey respondents said ESG-related sukuk such as green and waqf sukuk were gaining the most traction.

Access the full report to find out more about:

  • Up-to-date statistics and projection on global primary and secondary sukuk markets
  • Recent developments and emerging trends in the sukuk market
  • Various market players’ perception of prospects and challenges for sukuk


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Developments in retail sukuk have shown there is an increased tendency to offer sukuk through online channels, offering easier access to a new class of investors.
Redha Al Ansari
Head of Islamic Finance Research, London Stock Exchange Group

Secondary Sukuk Market

The global secondary sukuk market reached $699 billion in value outstanding in Q3 2021, having grown strongly over the past five years, fuelled by the surge in sukuk issuance during this period.

Market Conditions

53% said that recent market conditions did not affect the sukuk allocations in their Shariah compliant investment portfolios

Expected Issuance in 2021

Momentum in sukuk issuance accelerated during the first nine months of 2021 from 2020, and total issuance for the year is on track for an expected new record of $180 billion