Sukuk Issuance Trends — Asia-Pacific
Primary sukuk issuance across Asia-Pacific by year: country-level issuance volumes, structure mix over time, and market growth since 2020.
Primary issuance by country (US$ bn)
Primary issuance by structure (US$ bn)
Issuance by country and year (US$ bn)
| Country | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total |
|---|---|---|---|---|---|---|---|
| Malaysia | 160 | 174.998 | 185 | 195 | 210 | 108.001 | 1,032.999 |
| Indonesia | 22 | 28 | 32 | 38 | 42 | 22 | 184 |
| Pakistan | 3.2 | 4.5 | 5.8 | 6.2 | 7.4 | 3.8 | 30.9 |
| Bangladesh | 0.593 | 0.798 | 0.997 | 1.097 | 1.197 | 0.593 | 5.275 |
| Brunei Darussalam | 0.5 | 0.6 | 0.7 | 0.8 | 0.9 | 0.45 | 3.95 |
| Philippines | — | — | — | 1 | 0.5 | 0.6 | 2.1 |
| Singapore | — | 0.1 | 0.2 | 0.148 | 0.2 | 0.1 | 0.748 |
| Maldives | 0.046 | 0.07 | 0.1 | 0.12 | 0.15 | 0.08 | 0.566 |
Notes
Figures aggregate primary sukuk issuance across Asia-Pacific markets, split by issuing country and by underlying structure. Country and structure detail beyond the top four series is folded into “Other” in the charts — the table above carries the full country list. The most recent year may be a partial-year figure until annual disclosures are published.
Note: figures are curated aggregates derived from
public IIFM Sukuk Report, MIFC, BNM, DJPPR and SBP disclosures, and
inherit any fetch caveats recorded by the Sukuk network dataset in
meta.errors.