Almost one quarter of the total sukuk issuance globally in 2023 were structured as hybrid. "Murabahah" comprised the second largest share of sukuk issuances at 22.8 percent. Also referred to as cost-plus financing, this is a financial product where the buyer and seller agree on the cost and mark up of an asset, with the markup replacing interest payments (which are prohibited under Islamic law). The next most common structure was "Ijarah", accounting for around 20.3 percent. This is a form of lease-purchase agreement, where rental payments for use of an asset take the place of interest payments.
Distribution of total Sukuk issuance worldwide in 2023, by structure
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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IFSB. (September 12, 2024). Distribution of total Sukuk issuance worldwide in 2023, by structure [Graph]. In Statista. Retrieved January 08, 2025, from https://www.statista.com/statistics/1264368/distribution-sukuk-issuance-structure/
IFSB. "Distribution of total Sukuk issuance worldwide in 2023, by structure." Chart. September 12, 2024. Statista. Accessed January 08, 2025. https://www.statista.com/statistics/1264368/distribution-sukuk-issuance-structure/
IFSB. (2024). Distribution of total Sukuk issuance worldwide in 2023, by structure. Statista. Statista Inc.. Accessed: January 08, 2025. https://www.statista.com/statistics/1264368/distribution-sukuk-issuance-structure/
IFSB. "Distribution of Total Sukuk Issuance Worldwide in 2023, by Structure." Statista, Statista Inc., 12 Sep 2024, https://www.statista.com/statistics/1264368/distribution-sukuk-issuance-structure/
IFSB, Distribution of total Sukuk issuance worldwide in 2023, by structure Statista, https://www.statista.com/statistics/1264368/distribution-sukuk-issuance-structure/ (last visited January 08, 2025)
Distribution of total Sukuk issuance worldwide in 2023, by structure [Graph], IFSB, September 12, 2024. [Online]. Available: https://www.statista.com/statistics/1264368/distribution-sukuk-issuance-structure/
