RIYADH: The value of sukuk rated by Fitch Ratings exceeded $210 billion in the first half of 2025, marking a 16 percent increase from a year earlier, as demand for Shariah-compliant debt continues to accelerate across global markets.
In its latest Islamic finance report, Fitch said that 80 percent of its rated sukuk maintain investment-grade status with no recorded defaults, highlighting the relative stability and creditworthiness of issuers despite tightening global financial conditions.
The US dollar remained the dominant issuance currency, accounting for over 90 percent of rated sukuk, followed by the Malaysian ringgit at 6.2 percent.
Fitch currently rates more than 255 sukuk and 95 programs, representing over 70 percent of the outstanding global US dollar-denominated sukuk market.
Earlier this month, a report by Kuwait Financial Center, also known as Markaz, echoed similar views, stating that US dollar-denominated instruments dominated the Gulf Cooperation Council debt market in the first half of 2025, raising $73.1 billion through 146 issuances — representing 79.4 percent of total value.
