Sukuk Types — Asia Network Deep-Dive
Tripartite issuer-country / structure / currency graph of Asia-Pacific primary sukuk issuance, 2020–2025.
10
Asia-Pacific countries
7
Sukuk structures
10
Issuance currencies
$1,261B
Total primary issuance 2020–2025
Top issuers
| Rank | Country | Total issuance (US$ bn) |
|---|---|---|
| 1 | Malaysia | 1,032.999 |
| 2 | Indonesia | 184 |
| 3 | Pakistan | 30.9 |
| 4 | Bangladesh | 5.275 |
| 5 | Brunei Darussalam | 3.95 |
Top structures
| Rank | Sukuk structure | Total flow (US$ bn) |
|---|---|---|
| 1 | Murabahah | 437.569 |
| 2 | Wakalah | 288.395 |
| 3 | Ijarah | 249.319 |
| 4 | Musharakah | 106.731 |
| 5 | Hybrid | 91.839 |
Largest country → structure flows
| Country | Structure | Flow (US$ bn) | Tranche buckets |
|---|---|---|---|
| Malaysia | Murabahah | 433.861 | 18 |
| Malaysia | Wakalah | 227.261 | 18 |
| Malaysia | Ijarah | 134.289 | 18 |
| Malaysia | Musharakah | 92.968 | 18 |
| Indonesia | Ijarah | 88.32 | 18 |
| Malaysia | Hybrid | 82.639 | 18 |
| Indonesia | Wakalah | 51.52 | 18 |
| Malaysia | Mudharabah | 41.32 | 18 |
| Malaysia | Green/SRI | 20.661 | 18 |
| Pakistan | Ijarah | 17.922 | 12 |
Sukuk structures covered
| Structure | Economic substance |
|---|---|
| Ijarah | Asset-lease; sovereign benchmark across Indonesia, Pakistan, Brunei, Bangladesh. |
| Murabahah | Cost-plus sale; dominant in Malaysian corporate and financial issuance. |
| Wakalah | Agency; asset-light — used by Indonesia global issues and Philippines' 2023 debut. |
| Mudharabah | Profit-sharing; capital-raising notably in Indonesian and Bangladeshi corporate tranches. |
| Musharakah | Partnership; minority use in Malaysian infrastructure financing. |
| Hybrid | Combination of two or more of the above — common in Malaysian market-innovation deals. |
| Green / SRI | Sustainability-linked structures overlaid on Ijarah or Wakalah — Indonesia is the global pioneer. |
Note: figures are curated aggregates derived from public IIFM
Sukuk Report 2024, MIFC, BNM, DJPPR and SBP disclosures. The notebook
attempts best-effort live fetches against public CKAN and World Bank
endpoints each run; any unreachable source is listed in
meta.errors. Granular tranche-level replacement is wired for
a future iteration.