National and Global Islamic Financial Architecture:
Problems and Possible Solutions for the OIC Member Countries
42
Chart 2.29 presents the different modes of financing that were used for sukuk issued in 2015
across different issuers. Murabahah was the mode for sukuk issues worth USD 25.2billion (of
which USD 24.7 was domestic sukuk) during the year making it the most common contractual
mode. Wakala was the second most dominant mode used with sukuk valued at USD 16 billion,
of which USD 13.1billion were international. Thus, while murabahah is the most popular for
domestic sukuk, wakala seems to be the preferred mode for international sukuk issues. Equity
based modes of financing (mudarabah and musharakah) form a small part of the overall sukuk
issuances in 2105 with a total of 6% using these modes.