It was another record year for the global sukuk market demonstrating its continuing resilience amid a challenging market backdrop marked by elevated interest rates, weak global growth and subdued conventional bond issuance. The total issuance volume in 2025, according to LSEG, rose 14.5% to US$291 billion, driven primarily by a surge in Gulf Cooperation Council ( GCC )-based transactions during the period. This was particularly apparent in Saudi Arabia, which continued to rely on sukuk to meet its budgetary and liquidity requirements.