International credit rating agency Standard & Poor’s (S&P) predicted that the decrease in global sukuk issuance will continue in 2023.
In the statement made by S&P, it was reported that it is assumed that the global sukuk issuance, which was $ 170.4 billion in 2021 and $ 155.8 billion in 2022, will decrease to $ 150 billion this year.
It was stated that the possibility of contributing to the export volumes of companies is high, especially in countries such as Saudi Arabia, where governments have transformation plans and where well-capitalized banking systems will not have the capacity to finance all projects.
It was noted that there is continued momentum due to power transformation amid issuers in key Islamic finance countries and increased awareness of environmental, social and governance issues.
As for the automation and issuance of digital tools, which can accelerate growth and make the process more attractive, it was stated that the sukuk market lags behind the classical market.