Islamic Finance and the Principles for Responsible Investment - Thought Leadership Series Part 3

Year Published

2023

Contributing Organizations

Dubai International Financial Centre (DIFC)

Global Ethical Finance Initiative (GEFI)

Islamic Finance Council (UKIFC)

Type of Resource

Research/Insights Report

Languages

English

Relevant Topics

Core Topic

Islamic Finance

Topic 2

Thematic Bonds

Target Audience

All

Relevant Geography

Africa

Middle East and North Africa

Asia & the Pacific

Resource Description

This update reviews 2023 trends in the green and sustainability sukuk market, covering issuance growth, leading countries, corporate activity, investor demand, and policy priorities.

Why This Matters

Green sukuk are expanding quickly, enabling Islamic finance to channel capital toward climate action and SDG funding.

Key Insights

Issuance hit $101bn by Q3 2023, surpassing 2022’s $94bn
Green sukuk rose to 56% of ESG sukuk, driven by GCC momentum around COP28
Saudi Arabia, Malaysia, Indonesia, and UAE (38% of global total) led issuance
Corporates now make up 65% of issuances, led by banks (27%) and utilities (19%)
~75% issued internationally; oversubscription higher than traditional sukuk (46x vs 36x)
Priorities include stronger regulation, disclosure, talent

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