Nasdaq Dubai, an international financial exchange in the Middle East, holds about 31% of global hard-currency sukuk outstanding, giving the UAE a competitive edge within the GCC and core Islamic finance markets, says Fitch Ratings.
In a commentary, Fitch says that Malaysia, Saudi Arabia, Indonesia and Turkiye rank among the largest sukuk issuers globally. However, exchanges in these countries remain focused on local-currency listings and have yet to attract significant non-domestic issuers.
Nasdaq Dubai
Fitch says that in 1H2025, the majority of dollar debt issuance listed on Nasdaq Dubai was in sukuk format (87.3%), with the rest being bonds. The UAE cabinet approved the strategy for Islamic finance and halal industry earlier in 2025, targeting an increase in international sukuk listings to AED395bn ($107.5bn) by 2031.
On Nasdaq Dubai, 78.4% of sukuk carried Fitch ratings, with 95% at investment grade and all on ‘Stable’ outlooks.
Fitch says it covers most hard-currency sukuk listed on key global exchanges, with the majority rated investment grade, on a ‘Stable’ outlook, and with no defaults in 1H2025.
London Stock Exchange
The London Stock Exchange (LSE) is the largest listing venue for hard-currency sukuk, with a global share of over 40% based on outstanding volumes, followed by the Irish Stock Exchange (Euronext Dublin), Frankfurt Stock Exchange (FSE), and Nasdaq Dubai, based on Bloomberg data. Most of these exchanges have created clear guidelines and frameworks that support sukuk issuance and trading.
Around 80% of sukuk listed on the LSE at end-1H25 were rated by Fitch, of which 84.5% were investment-grade and 89.5% were on ‘Stable’ outlooks.
Other key European exchanges show similar trends. At Euronext Dublin, Fitch covered around 73% of listed sukuk, with 66.7% considered investment-grade and 88.7% assigned 'Stable' outlooks. On the Frankfurt Stock Exchange (FSE), 67% of sukuk were Fitch-rated, with two-thirds holding investment-grade ratings and 97% assigned ‘Stable’ outlooks.
Fitch-rated sukuk surpassed $210bn globally at end-1H2025, up by 16% year on year, with around 80% investment grade.
ESG
For ESG hard-currency sukuk, most are listed on the FSE, LSE, Börse Stuttgart, and Nasdaq Dubai. Fitch rates the majority of ESG sukuk on these exchanges, ranging from 100% on Nasdaq Dubai to 61% on LSE, with over 90% investment grade and all on ‘Stable’ outlooks.
Multiple exchanges
About 57% of global outstanding hard-currency sukuk are listed on two or more exchanges. Multi-exchange listings can help to broaden sukuk visibility further, improve access to a wider pool of investors, and enhance liquidity. Sukuk’s share in emerging markets (EM) is rising, accounting for over 16.5% of all EM US dollar debt issued in 2Q2025 (excluding China; 2024: 12%). This creates additional opportunities for international exchanges.