Fitch Ratings-Dubai/Toronto/Jakarta: Fitch Ratings covers most hard-currency sukuk listed on key global exchanges, with the majority rated investment grade, on a Stable Outlook, and with no defaults in 1H25. The London Stock Exchange (LSE) is the largest listing venue for hard-currency sukuk, with a global share of over 40% based on outstanding volumes, followed by the Irish Stock Exchange (Euronext Dublin), Frankfurt Stock Exchange (FSE), and Nasdaq Dubai, based on Bloomberg data. Most of these exchanges have created clear guidelines and frameworks which support sukuk issuance and trading.
Sukuk listed on global exchanges remain highly rated. Around 80% of sukuk listed on the LSE at end-1H25 were rated by Fitch, of which 84.5% were investment-grade and 89.5% were on Stable Outlooks. On Nasdaq Dubai, 78.4% of sukuk carried Fitch ratings, with 95% at investment grade and all on Stable Outlooks.
Other key European exchanges show similar trends. At Euronext Dublin, Fitch covered around 73% of listed sukuk, with 66.7% considered investment-grade and 88.7% assigned Stable Outlooks. On the Frankfurt Stock Exchange (FSE), 67% of sukuk were Fitch-rated, with two-thirds holding investment-grade ratings and 97% assigned Stable Outlooks. Fitch-rated sukuk surpassed USD210 billion globally at end-1H25, up 16% yoy, with around 80% investment grade.
For ESG hard-currency sukuk, most are listed on the FSE, LSE, Börse Stuttgart, and Nasdaq Dubai. Fitch rates the majority of ESG sukuk on these exchanges ranging from 100% on Nasdaq Dubai to 61% on LSE, with over 90% investment grade and all on Stable Outlooks.
About 57% of global outstanding hard-currency sukuk are listed on two or more exchanges. Multi-exchange listings can help to broaden sukuk visibility further, improve access to a wider pool of investors, and enhance liquidity. Sukuk’s share in emerging markets (EM) is rising, accounting for over 16.5% of all EM US dollar debt issued in 2Q25 (excluding China; 2024: 12%). This creates additional opportunities for international exchanges.
The LSE enables sukuk issuers to access a deep and diverse international investor base, reinforcing the UK’s position as a Western hub for Islamic finance. The LSE accounted for over 40% of global dollar sukuk listings as of end-1H25, with nearly all sukuk originating from the GCC. Middle Eastern sukuk and bond issuers raised USD65 billion on the LSE in the first seven months of 2025, ranking second only to UK issuers. Sukuk also represented a significant share of dollar debt listings on the LSE (15.5%) in 1H25.
Euronext Dublin and the FSE each represent around 33% of global outstanding hard-currency sukuk listings, offering issuers passporting options across EU jurisdictions, and attracting EU-based investors. This is despite the broad absence in Ireland and Germany of a domestic Islamic banking and sukuk market. Ireland’s clear tax guidelines for Islamic finance – including specific tax exemption for sukuk – enhances its appeal. Sukuk also represented a significant share of dollar debt listings on Euronext Dublin (12.5%) in 1H25.
Nasdaq Dubai holds about 31% of global hard-currency sukuk outstanding, giving the UAE a competitive edge within the GCC and core Islamic finance markets. In 1H25, the majority of dollar debt issuance listed on Nasdaq Dubai was in sukuk format (87.3%), with the rest being bonds. The UAE cabinet approved the strategy for Islamic finance and halal industry earlier in 2025, targeting an increase in international sukuk listings to AED395 billion (USD107.5 billion) by 2031.
Malaysia, Saudi Arabia, Indonesia and Turkiye rank among the largest sukuk issuers globally. However, exchanges in these countries remain focused on local-currency listings and have yet to attract significant non-domestic issuers.
Global sukuk outstanding surpassed USD1 trillion at end-1H25, a 12.9% yoy increase.
Media Contact:
Matt Pearson
Associate Director, Corporate Communications
Fitch Group, 30 North Colonnade, London, E14 5GN
E: matthew.pearson@thefitchgroup.com
