The sukuk market experienced strong market activity in 2Q21 after a slower 1Q21, driven by big-ticket

issuance from the Saudi Arabian Oil Company (the largest corporate sukuk issued to date) and the
Indonesian, Turkish and Omani sovereigns.

Global outstanding sukuk reached USD754.1 billion in 2Q21 (5% higher than 1Q21).

Islamic bonds totalled $90.6bn in the first half of 2021, slightly more than $86.4bn recorded in the first
half of 2020

Global sukuk issuance is set to increase to as much as $155 billion in 2021, or 11 per cent more than
$139.8bn last year, driven by low interest rates and abundant liquidity, according to S&P Global Ratings.

The ratings agency said a more conservative outlook could be in the range of $140bn. Sukuk worth a
record $167bn was issued in 2019.

The $2.4 trillion Sharia-compliant finance industry is expected to register “low to mid-single digit
growth” in 2021. The industry is expected to hit $3.69tn in 2024, according to Refinitiv and a report by
the Islamic Corporation for the Development of the Private Sector.

Global Islamic finance assets are expected to hit $3.69 trillion in 2024, up from $2.88tn in 2019,
according to a new report by Refinitiv and the Islamic Corporation for the Development of the Private
Sector (ICD).

The five most developed countries in terms of Islamic finance markets are Malaysia, Indonesia, Bahrain,
the UAE and Saudi Arabia, the report showed.

The Federal Government of Nigeria (FGN) issued three local-currency sovereign sukuk since 2017, with
NGN362.5 billion (USD918 million) outstanding as of 30 June 2020, representing 2.3% of the country's
total domestic debt stock. The 2020 sovereign sukuk issue was 4.4 times oversubscribed and investors
included pension funds, Islamic banks, insurance companies, retails investors, and asset managers.
Notably, retail investors comprise a sizeable proportion of the investor base (17.3% of the 2018
sovereign sukuk).

global sukuk issuance rose 16.8% to USD152.6 bil in 2020 (2019: USD130.6 bil). Total global outstanding
sukuk reached USD715.2 billion in 1Q21

The Global Sukuk market closed the year 2019 with a record issuances and a handsome gain of around
18.32% (USD 145.70 Billion)

or USD 123.15 billion in 2018

Malaysia continue to dominate the Sukuk market though share of

countries like Indonesia, UAE, Saudi Arabia and Turkey increased with good volume.

2015: 67,818

2016: 87,784

2017: 116,717

2018: 123,150

2019: 145,702

Total global issuance from 2001-2019: USD USD 1.247 Trillion

Total International Issuance from 2001-2019: USD 289.92 Billion

Total Domestic Sukuk Issuance from 2001-2019: USD 957.28 Billion

Total Domestic Sukuk Issuance from 2001-2019: USD 957.28 Billion

Total FIs Sukuk Issuance from 2001-2019: USD 75.96 Billion

The Federal Government of Nigeria’s (FGN’s) latest N150bn ($0.39bn) sukuk issuance (Islamic
trust certificates) began on 21 May and closed on 2 June 2020. It was aimed at the country’s
growing cadre of retail investors in government bonds and sukuk, under Abuja’s financial
inclusion policy aimed at giving ordinary people a stake in the economic development of their
country.

Retail investors accounted for just under 5% of the subscription to the debut N100bn sukuk in
2017, but this figure increased substantially for the second N100bn sukuk in December 2018, to
17.33% of the total allotment.