Distribution of Sukuk issuance globally 2023, by structure
Almost one quarter of the total sukuk issuance globally in 2023 were structured as hybrid. "Murabahah" comprised the second largest share of sukuk issuances at 22.8 percent. Also referred to as cost-plus financing, this is a financial product where the buyer and seller agree on the cost and mark up of an asset, with the markup replacing interest payments (which are prohibited under Islamic law). The next most common structure was "Ijarah", accounting for around 20.3 percent. This is a form of lease-purchase agreement, where rental payments for use of an asset take the place of interest payments.
