Sustainable sukuk issuances stood out as a bright spot in an otherwise tepid year for Islamic finance in 2023, with issuers in the UAE in particular seeking to burnish their environmental credentials in the run up to COP28 in Dubai.
Accounting for less than $500mn as recently as 2017, sustainable sukuk issuances grew by 16 per cent during 2023 to $10.8bn last year, compared with an overall fall of 6 per cent for all sukuk issuances, according to data from S&P Ratings.
