RIYADH: Saudi Arabia’s sukuk issuances jumped by 37 percent in 2021, totalling $36.9 billion, up from $27 billion the year before, S&P Global Ratings revealed.
The increase is attributed to the global issuance of foreign-currency denominated sukuk, which has increased by 10 percent in 2021, with large issuances in the Kingdom, such as that by oil giant Saudi Aramco, contributing to the rise.
On a broader scale, global sukuk issuance has slightly decreased to $147.4 billion in 2021, compared to $148.4 billion in 2020.
In an earlier report, the credit rating agency expected the volume of sukuk disbursement in 2022 to linger around $145-150 billion without significant growth, amid lower and more expensive global and regional liquidity, increased complexity and reduced financing needs for some core Islamic finance countries.
Saudi Arabia kicks off the year with a $755 million sukuk issuance