Infrastructure Financing through Islamic
Finance in the Islamic Countries
133
Chart 4.4. 7: Actual Expenditure and Approved Government Budget in 2017 (SAR Billion)
Source: KSA Budget 2018 (Budget KSA, 2018).
Chart 4.4. 8: Number and Amount of Sovereign Sukuk Issues by Saudi Arabia (2017)
(USD billion)
Source: IIFM (2018)
Similarly, the government raised funds by issuing bonds and sukuk in 2017 to cover its
budgetary deficits. Chart 4.4.8 shows the funds raised by the Saudi Arabian government by
issuing domestic and international sukuk in 2017. A total of USD 31.7 billion was raised by
issuing 27 sukuk, of which over 60% (USD 19.2 billion) was domestic and the remaining (USD
12.5) was international. While it is difficult to conclude how much of this went to the
infrastructure sector, it can be deduced that parts of the funds from the sukuk issues were
spent on infrastructure at a pro-rata basis.
27
191
97
48
200
120
47 52
108
30
224
110
49
228
133
39
29
85
0
50
100
150
200
250
Budget Estimates
19.221 12.510
21
6
0
5
10
15
20
25
0.00
5.00
10.00
15.00
20.00
25.00
Domestic International
No. of Issues
Amount (USD Billion)
Amount (US$ billion) Number