Sukuk issuance surged Tuesday by 36% year-on-year to hit $252.3 billion in 2021, according to Fitch Ratings.
A sukuk is an Islamic financial certificate, similar to a bond in Western finance, that complies with Islamic religious law, or sharia.
Central banks, governments, and multilateral institutions dominated sukuk issuances, the global rating agency said.
It highlighted that local-currency sukuk amounted to 80% of sukuk issuance, while hard-currency issuance amounted to 20%.
About 41% of all sukuk issued last year were in Indonesian rupiah, followed by U.S. dollars, Malaysian ringgit), Saudi riyal and Turkish lira).