Improving Public Debt Management
In the OIC Member Countries
64
Figure 3-19: Sovereign Sukuk Issuance by Country (11M2015)
Source: IFSB (2016, p. 16).
Figure 3-20: Sukuk Outstanding by Country (2015)
Source: IIFM (2016, p. 43).Many countries are planning on issuing sovereign sukuk to signal their willingness to
participate in the global Islamic financial sector. New sukuk markets in Africa and East Asia
present promising opportunities for Islamic finance to access key emerging economies. For
example, Côte d’Ivoire and Nigeria are planning to follow Senegal’s example and issue
sovereign sukuk. Even China, Singapore, Hong Kong and Japan are increasingly interested in
Islamic finance (Reuters 2015).
Sovereign sukuk are likely to gain popularity in OIC and in nonOIC countries given that
various growth drivers for the sukuk market exist (IFSB 2013). An important factor is growing
preference for sharia compliant finance products, especially by Islamic state funds. Moreover,
the issuance of sukuk bonds serves market development purposes by diversifying domestic