2024-01-15 22:00:39
Standard & Poor’s Credit Ratings Agency (S&P) expects the total global sukuk issuances to range between $160 to $170 billion in 2024, including foreign currency-denominated issuances with a value between $45 to $50 billion.
Standard & Poor’s added, in a recent report, that the Sukuk issuances expected during the current year compare with issuances of about $168.4 billion in 2023, and $179.4 billion in 2022.
She explained that sustainable sukuk issuances will also continue to contribute to increasing the issuance of sukuks, while the United Nations Climate Change Conference (COP28) highlighted the role that Islamic finance and sukuks can play in addressing climate changes. The report indicated that the stability of global liquidity conditions and the rise in financing needs in the main Islamic finance countries led to a significant increase in the issuance of foreign currency-denominated sukuks in 2023.
According to the agency, the potential adoption of Sharia Standard No. 62 of the Accounting and Auditing Organization for Islamic Financial Institutions may reduce issuance volumes in the medium term.
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