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ESG sukuk issuance in GCC reached $18.5bln by end-H1 2024
Saudi Arabia accounts for the largest portion (42.7%) of Fitch-rated ESG sukuk, with the UAE coming in second at 33.8%.
According to Fitch, ESG sukuk issuance in Islamic finance core markets – GCC, Malaysia, Indonesia, Turkey and Pakistan - rose 13% year-on-year to $6.3 billion in the first half of 2024.
However, ESG bond issuance declined by 34% YoY to $7.8 billion.
Fitch expects slower ESG sukuk issuance in Q3 2024, in line with global sukuk market seasonality, before regaining momentum over Q4 2024-Q1 2025.
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