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Activity in the global sukuk market is being driven by several factors, including new issuers accessing the market for the first time to diversify and broaden their funding sources. Robust appetite for sustainable financing and investment is also fuelling the issuance volume, while new markets, such as in Africa and in Commonwealth of Independent States, are generating interest as they develop their framework for Islamic finance.
These factors should help underpin the sukuk volume in 2025, which S&P Global Ratings has estimated is now worth between US$190 billion and US$200 billion, up from US$193.4 billion in 2024. In the meantime, market participants are closely watching the evolving Shariah regulations for any signs of detrimental impact that may cause market dislocation.
Issuers of the year
Such market landscape helped define the sukuk issuers that stood out in 2024 based on the evaluation of the board of editors at The Asset when selecting the winners in The Triple A Islamic Finance Awards 2025. The honour roll is led by the Republic of Indonesia ( RoI ), which tapped the sukuk market twice during the year – the first one in June amounting to US$2.35 billion and then in November amounting to US$2.75 billion. This was the first time the RoI accessed the US dollar sukuk market twice in a year, with the June trade featuring a US$600 million green tranche for 30 years.
Malaysia’s sovereign wealth fund Khazanah Nasional is another multiple sukuk issuer in 2024. It first raised one billion ringgit ( US$235.85 million ) in August, which achieved the lowest pricing ever by an issuer for a single tranche 10-year offering in 2024. It then tapped the US dollar sukuk market in September for US$500 million for five years – part of the US$1 billion total fund raising that included another US$500 million in conventional bond.
Another standout issuer from Malaysia is Johor Plantations Group, which issued in September 2024 the first sustainability-linked sukuk from the plantation sector globally amounting to 1.3 billion ringgit. The issuance was aligned with the company’s sustainability ambitions with its business strategies, with a step-up in profit payment linked to core, relevant and material sustainability performance targets for greenhouse gas ( GHG ) emission reduction, traceability to fresh fruit bunch suppliers and water management. It was a landmark transaction, leading the decarbonization of palm oil, a high-emitting sector. The sustainability-linked sukuk was issued just over two months after Johor Plantations raised 735 million ringgit in an initial public offering ( IPO ) in July – representing Malaysia’s largest IPO since March 2022.
The Sunway Group also distinguished itself as an issuer in 2024 with a series of sukuk transactions, including the 400-million-ringgit sustainability sukuk for Sunway Healthcare printed in April. The dual-tranche transaction, equally split at 200 million ringgit each for three years and five years, marked the group’s debut rated issuance in the capital markets. The proceeds were mainly used to fund the capital expenditure requirements of several hospitals, classified as green buildings. Then in October, Sunway Treasury concluded a US$110 million sustainability-linked commodity murabaha structured financing - a landmark deal in Asia’s real estate sector. The transaction is unique due to its Shariah compliance and comes with the flexibility of structured rate financing and incorporates sustainability-linked features, which have been structured around two key performance indicators.
From the Gulf Cooperation Council ( GCC ) region, the best issuers included Mamoura Diversified Global Holding ( Mubadala ) of the United Arab Emirates ( UAE ), which debuted in the international sukuk capital markets in March 2024 with a US$1 billion offering. The deal structure provides innovative solution for those entities that do not have physical tangible assets and instead whose key assets are comprised of equity holdings. Later in October, Mubadala issued its inaugural dirham-denominated sukuk amounting to one billion dirham ( US$272.50 million ), underscoring the company’s commitment to support the UAE Ministry of Finance’s efforts to develop the local currency bond/sukuk market.
Al Rajhi Banking and Investment Corporation is another standout issuer from Saudi Arabia, printing in Mayh 2024 its first-ever US dollar-denominated additional tier-1 ( AT1 ) sustainability sukuk deal amounting to US$1 billion. The perpetual non-call 5.5-year sukuk was issued under a programme that was highly innovative because it represented the first-ever public AT1 sukuk programme whereas previously GCC banks had issued AT1 capital in stand-alone format only. The bank also raised during the year another sustainability sukuk amounting to US$1 billion at a fixed rate for five years.
Also voted as a best issuer is the Jeddah-based supranational Islamic Development Bank ( IsDB ), which has been a regular issuer in the sukuk market. The bank priced in October 2024 a five-year US$1.25 billion sukuk as it managed to catch a conducive issuance window amid the geopolitical tensions. Later in the same month, it tapped the euro sukuk market, raising €500 million ( US$574.70 million ), the proceeds of which were deployed towards projects in line with the bank’s strategic objectives to boost economic recovery, tackle poverty and build resilience, and drive green economic growth under its realigned strategy.
Banks of the year
The plethora of sukuk issuances in 2024 was also a manifestation of the resiliency of the Islamic banking sector during the year amid the challenging economic backdrop. Standard Chartered Saadiq is selected as the Islamic bank of the year – Global and the Middle East. It is the only international bank that provides Islamic banking solutions across all businesses, from retail, corporate, treasury to capital markets globally in 25-plus markets. It posted higher revenues in such markets as Malaysia, Bangladesh, Pakistan and the UAE. Its global wealth management and retail banking business also manifested robust performance, while its digital capabilities have enhanced its competitiveness across the markets where it operates. Standard Chartered also boosts of a strong investment banking franchise, arranging several landmark sukuk transactions that contributed to the further development of the Islamic finance market.
Qatar Islamic Bank ( QIB ) is selected as the Islamic bank of the year in Qatar on the back of its strong performance in 2024. It achieved a net profit attributable to shareholders of 4.60 billion riyal ( US$1.26 billion ), representing a 7% growth over 2023. Total assets reached 200.8 billion riyal, supported by steady growth in both financing and investment activities. Financing assets amounted to 125.3 billion riyal, while customer deposits reached 125 billion riyal, with a financing-to-deposit ratio of 94.5%, reflecting the strong liquidity management.
QIB’s efficiency remains among the highest in the region, with a cost-to-income ratio of 17%, the lowest in the Qatari banking sector. This comes as the bank’s digital transformation journey continues, expanding in 2024 its flagship QIB Mobile App to over 300 integrated features, establishing it as the most comprehensive Islamic banking platform in Qatar. The bank facilitated over 99% of retail financial transactions digitally, enhanced its AI-powered credit decisioning, introduced a digitally stamped documentation service, and launched new customer offerings.
In UAE, the Islamic bank of the year accolade is awarded to Abu Dhabi Islamic Bank ( ADIB ). It achieved a group net profit before tax of 6.9 billion dirham in 2024, up 26.1% compared with 5.47 billion dirham in the previous year reflecting strong business momentum. Revenues increased by 14% during the same period, or from 9.3 billion dirham to 10.6 billion dirham due to strong business volumes coupled with strength in fee-based businesses and higher investment income. Overall, the revenues were supported by the increase in new customers of more than 216,000 during 2024, showcasing ADIB’s long-term commitment to its customers and continuous efforts to deliver superior customer service.
For ADIB, 2024 was a pivotal year with the launch of the ADIB 2035 Vision, under which the bank’s continual customer-centricity will expand and transform through innovations that will position the bank as a future-ready financial institution. This strategic vision emphasizes product innovation, expansion into new market segments, and investment in advanced technologies to build a future-proof bank that not only meets today’s dynamics needs but also anticipates tomorrow’s challenges. A key initiative under this vision is the launch of ADIB Ventures, aimed at forming partnerships with fintech startups to revolutionize Shariah-compliant financial services and position ADIB as a leader in fintech innovation.
Maybank Islamic Bank is once again voted as the Islamic bank of the year – Asia-Pacific. The bank’s profit before tax and zakat rebounded strongly in 2024, rising 20% to 4.19 billion ringgit from 3.49 billion ringgit in the previous year. Its gross financing and advances grew 9.9% to 254.9 billion ringgit as compared to 231.9 billion ringgit in 2023. Total Islamic banking assets owned and managed by the bank increased by 13.3% during the same period, or from 329.6 billion ringgit to 373.5 billion ringgit.
Malaysia still accounts for the bulk of Maybank Islamic’s revenue at 88%. It is putting more resources to build its franchise in Indonesia, and it has launched Islamic banking business in the Philippines. In Singapore, the bank posted a profit before tax of S$70.60 million ( US$55.16 million ), up 36.6% from S$51.69 million in the previous year, while financing surged 47% year-on-year to S$3.6 billion.
ESG bank of the year
Another repeat winner is HSBC Amanah Malaysia, which was chosen as the Islamic ESG bank of the year. In 2024, the bank’s total sustainable financing stood at 889 million ringgit, comprising of 378-million-ringgit balance sheet-related transactions and capital markets, and advisory facilitation amounting to 511 million ringgit. It is contributing to the development of Climate Finance Innovation Lab as a member of its working group aiming to support Malaysia’s climate ambitions by identifying , developing and accelerating project that align with the country’s net zero goals.
HSBC Amanah executed transactions that aim to progress the development of nationally important sectors and the overall transition to net zero. Among the landmark deals it led included the 200-million-ringgit Asean ( Association of Southeast Asian Nations ) social SRI sukuk for LBS Bina Group in which HSBC Amanah acted as the sole sustainability structuring coordinator. This deal was executed for the purpose of expanding the supply of affordable housing in Malaysia’s real estate market.
Advisers of the year
Sustainable financing, new structures and new asset classes defined several sukuk transactions across the core Islamic finance markets in 2024 that highlighted the competition for sukuk adviser of the year award category. Standard Chartered wins the accolade globally and for the Middle East with ground-breaking deals for the likes of Warba Bank, Qatar International Islamic Bank, Al Rajhi Banking and Investment Corporation, Saudi Investment Bank and Emirates Islamic Bank.
Standard Chartered also helped bring into the market innovative sukuk transactions, such as those for Oman Telecommunications and Mamoura Diversified Global Holdings ( Mubadala ), that should serve as templates for other potential issuers. In Asia-Pacific, Standard Chartered was involved in the sukuk fund raising by the RoI, and it was the sole structuring bank and sole mandated lead arranger for the €30.85 million commodity murabaha for Akij Food and Beverage in Bangladesh.
CIMB is the sukuk adviser of the year for Asia-Pacific on the back of the strength of its franchise not just in Malaysia but also in Indonesia. It led the transaction for Khazanah Nasional when it raised US$500 million in the sukuk market, which was part of its total US$1 billion fund raising that included another US$500 million in conventional bond. The other Malaysian sukuk deals that it brought into the market included those for Suria KLCC amounting to 600 million ringgit; Gamuda, 500 million ringgit; Digi Telecommunications, 1 billion ringgit; WM Senibong Capital, 210 million ringgit; UEM, Olive Capital 600 million ringgit; the tier-2 subordinated sukuk for UOB ( Malaysia ), 500 million ringgit; and the 250.32 million ringgit new sukuk, plus debt exchange, offer for Tropicana Corporation.
Banker of the year
For all of Standard Chartered Saadiq’s performance and achievements in 2024, credit should be accorded to Khurram Hilal, CEO of the group’s Islamic banking, who is voted as the Islamic banker of the year. Describe as a visionary executive Islamic banker, he navigated complex market challenges, regulatory shifts and economic pressures to successfully deliver groundbreaking Shariah-compliant products. Through strategic leadership, innovative structuring and close collaboration with the Shariah boards, he ensures full compliance while maintaining profitability and market competitiveness.
As a seasoned Islamic banker, Hilal has more than 25 years of core Islamic banking experience across consumer, wealth management, private and transaction banking, and financial markets. He has led the development and roll out of the bank’s Islamic banking proposition across Standard Chartered’s footprint in Asia, Africa, the Middle East, Europe and North America.
For the complete list of best issuers, banks and sukuk advisers, please click here.
To know more information about the awards, please contact us at celebrate@theasset.com.
