Saudi Arabia will include its government bonds in the JPMorgan index in 2027 to attract foreign capital. Fitch Ratings estimates non-Saudi investor holdings of primary sovereign debt reached 15% by mid-2026.

THE BANGKO SENTRAL ng Pilipinas (BSP) is planning to streamline its regulations on sukuk transactions to help advance Islamic banking and finance in the country while also deepening the capital market. In a draft circular, the BSP is proposing a simplified licensing framework for banks by allowing them to issue sukuk bonds for operational or […]

Malaysia is not just a participant of green finance. “We wrote page one. And not only that, we walked the talk,” said Corporate Streets Sdn Bhd managing director and founder Aida Lim Abdullah. Speaking at a plenary session on “Transition Finance: Navigating Green Bonds and Sustainability-Linked Loans” at the Asia ESG Summit, she said Malaysians can proudly say that the country launched the world’s first green sukuk for a solar project in Kudat, Sabah, by Tadau Energy back in 2017. The green sukuk framework was certified by the Center for International Climate and Environmental Research in Oslo, Norway, and RAM Ratings had assigned a rating of AA3/Stable to the green sustainable and responsible investment (SRI) sukuk, she added. Fast forward to today, Malaysia hosts the largest number of active ESG sukuk, Aida said. Globally, green finance has also grown into a major market. According to the Climate Bonds Initiative, the aligned cumulative volume of green, social, sustainability and sustainability-linked bonds reached US$6.8 trillion (RM27.6 trillion) as of the end of 2025. Transition finance refers to financing raised specifically to help a company, sector or economy shift from high-carbon, environmentally harmful activity towards a credible, low-carbon future. Alongside green bonds and...

A successful US$1.5 billion global sukuk is being read as proof that Malaysia has outrun the 1MDB scandal. But that is only half the story – and the less important half, writes CNA’s Leslie Lopez.

The total value of fixed income listings on Nasdaq Dubai reached USD 141 billion by the close of H1 2026, comprising USD 98.6 billion in Sukuk and USD 42.4 billion in bonds The successful execution of the UAE's inaugural Sovereign Retail Treasury Sukuk bridged institutional infrastructure to widen retail investor access. Dubai, UAE – Nasdaq Dubai recorded USD 13.8 billion in new fixed income listings across 33 issuances during the first half of 2026, highlighting the resilience of Dubai's debt capital markets and reinforcing the exchange's role as a trusted platform for regional and international issuers. Market activity throughout the first half demonstrated a highly balanced reach across geographic boundaries: UAE-based issuers accounted for 57% of listings, while international issuers comprised 43%. By the close of H1 2026, the total value of outstanding debt securities listed on Nasdaq Dubai reached USD 141 billion, comprising USD 98.6 billion in Sukuk and USD 42.4 billion in bonds. Key H1 2026 Highlights Robust Issuance Volumes: Nasdaq Dubai recorded 33 fixed income listings totalling USD 13.8 billion, comprising 17 bond listings worth USD 7.83 billion and 16 Sukuk listings totalling USD 5.97 billion. Market Depth: Outstanding listings on Nasdaq Dubai reached USD 141 billion,...

* The total value of fixed income listings on Nasdaq Dubai reached USD 141 billion by the close of H1 2026, comprising USD 98.6 billion in Sukuk and USD 42.4 billion in bonds. * The successful execution of the UAE's inaugural Sovereign Retail Treasury Sukuk bridged institutional infrastructure to widen retail investor access. Nasdaq Dubai recorded USD 13.8 billion in new fixed income listings across 33 issuances during the first half of 2026, highlighting the resilience of Dubai's debt capital markets and reinforcing the exchange's role as a trusted platform for regional and international issuers.  Market activity throughout the first half demonstrated a highly balanced reach across geographic boundaries: UAE-based issuers accounted for 57% of listings, while international issuers comprised 43%. By the close of H1 2026, the total value of outstanding debt securities listed on Nasdaq Dubai reached USD 141 billion, comprising USD 98.6 billion in Sukuk and USD 42.4 billion in bonds. Key H1 2026 Highlights * Robust Issuance Volumes: Nasdaq Dubai recorded 33 fixed income listings totalling USD 13.8 billion, comprising 17 bond listings worth USD 7.83 billion and 16 Sukuk listings totalling USD 5.97 billion. * Market Depth: Outstanding listings on Nasdaq Dubai reached USD 141 billion, reflecting the depth and diversity of its fixed income market. * Programme Establishments: The first half also saw the establishment of Mashreq's USD 5 billion Euro Medium Term Note (EMTN) Programme, Almasar C.I. Ltd.'s (MTR Corporation) USD 8 billion Trust Certificate Issuance Programme, and Arab Bank for Investment and Foreign Trade PJSC (Al Masraf)'s USD 5 billion Medium Term Note (MTN) Programme, supporting future debt capital market activity. * Issuer Diversity: 15 distinct issuers tapped the market during H1, highlighted by prominent debut listings and the notable return of The Arab Energy Fund to the exchange. Deepening and Diversifying Issuer Activity H1 2026 reflected a sophisticated mix of capital raising across sovereign, supranational, financial, and corporate sectors. Financial institutions navigated the exchange via diverse structures, optimizing their capital through conventional bonds, sustainable green and blue bonds, Additional Tier 1 (AT1) instruments, and pioneering digital assets. Key banking issuers included Emirates NBD, Mashreq, Dubai Islamic Bank, Industrial and Commercial Bank of China (Dubai DIFC Branch), and Al Masraf—the latter successfully utilizing its newly established programme to execute an inaugural bond issuance. Multilateral and supranational institutions were a standout source of issuance during the first half of 2026. The New Development Bank completed its high-profile USD 1.75 billion debut listing on Nasdaq Dubai, joining issuances from the Islamic Development Bank and marking the multi-year return of The Arab Energy Fund. Corporate sector activity remained resilient across key economic pillars like aviation and real estate, driven by transactions from DAE Funding, Binghatti, and OMNIYAT. Nasdaq Dubai also welcomed first-time issuers in Al Masraf and the New Development Bank, signaling deep, continuous institutional trust in the exchange's regulatory framework. Pioneering Digital and Sustainable Market Infrastructure Nasdaq Dubai continued to diversify its multi-currency capabilities, admitting issuances across US dollars, Euros, UAE Dirhams, and Renminbi. Innovation took center stage with the listing of Emirates NBD’s first-ever digitally native note. This milestone issuance bridges cutting-edge digital placement in the primary market with the liquidity and regulatory certainty of a traditional exchange listing for secondary trading. This structural progress was matched by an expanding ESG footprint, as new Green and Blue bond listings added substantial depth to the exchange's sustainable finance ecosystem. The UAE Federal Government maintained momentum under its wholesale Treasury Bond and Sukuk programmes. These regular local-currency issuances continue to play a critical role in developing the domestic, dirham-denominated yield curve and establishing a solid pricing benchmark for corporate issuers. Broadening Capital Access via Retail Sukuk Innovation A defining milestone bridging the first and second halves of the year was the UAE Ministry of Finance’s inaugural Retail Sukuk, announced and subscribed during H1 2026 and listed on Nasdaq Dubai on 2 July 2026. A defining milestone for the exchange was the listing of the UAE Ministry of Finance’s inaugural Retail Sukuk. Launched in the UAE’s Year of the Family and aimed at UAE Nationals and Expat residents it offered direct subscription at AED 1,000 sized Sukuk. With a total subscribed value of AED 445 million, the bid-to-cover for this first issuance of its kind was almost 9 times the amount offered. With the announcement to upsize to AED 100 million, trading opened with daily trading and supported by 5 market makers in ENBD Bank, ADIB, Mashreq Bank, Ajman Bank and BHM Capital. The opening of this new retail market segment for Nasdaq Dubai resonates with the increasing interest in the UAE for fixed income instruments from retail investors. Nasdaq Dubai’s direct digital subscription tools in iVestor and the eIPO bookbuilding system had already demonstrated its value in IPO transactions over the years, with more than 18,000 subscribers to the UAE Government retail Sukuk across all subscription channels, the platform has now established itself as a superb platform for fixed income offers as well.  With Nasdaq Dubai’s central securities depository now permitted to provide the direct safe keeping of client assets, investor can now subscribe to sukuk and hold until maturity, free of charge. The offering successfully attracted a highly diversified retail base representing 116 nationalities (including UAE nationals). The democratization of the asset class was reflected in the final allocations: 76% of participating retail investors subscribed with amounts of AED 10,000 or less, while 16% of total subscriptions originated from first-time participants in the capital markets. Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said: "Issuer activity throughout the first half of 2026 reflects the strong confidence placed in Nasdaq Dubai as a leading listing venue for fixed income instruments in the region. The pool of activity by sovereign, supranational, financial institution and corporate issuers underscores the depth of Dubai's capital markets and its standing as a global financial centre. We will continue to support and develop the market, in line with Dubai's ambition to strengthen its position as a leading global financial centre." Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM), said: "The first half of the year saw continued momentum in issuance activity across bonds and Sukuk, driven by strong participation from regional and international issuers. The inaugural issuance under the UAE Ministry of Finance's Sovereign Retail T-Sukuk Programme was a a landmark development of the period, broadening access to government-backed investment instruments and underscoring the strength of the integrated market infrastructure of DFM and Nasdaq Dubai. In the second half of the year, we will continue to expand opportunities across fixed income, sustainable finance and new market structures." Looking Ahead Building on its robust H1 2026 performance, Nasdaq Dubai enters the second half of the year focused on deepening the reach, diversity and accessibility of its fixed income market. Ranked as one of the leading international listing venue for Sukuk, the exchange will continue to strengthen its role in Islamic capital markets, expand sustainable finance through multi-currency and ESG related listings. Nasdaq Dubai will also build on the inaugural Sovereign Retail Treasury Sukuk by widening individual investor participation in fixed income, while deepening engagement with international issuers. Together, these priorities will support a more accessible, diversified and internationally connected fixed income market, reinforcing Nasdaq Dubai’s role in linking issuers and investors across regional and global capital markets.

A plain-language guide to sukuk and takaful — how Islamic bonds and insurance actually work, and the principles behind them.

Pakistan has selected leading international banks to help raise at least $2 billion through Eurobonds, sukuk, and dollar-settled rupee bonds during FY27.

Pakistan has appointed consortiums of leading international banks to manage its Global Medium-Term Note and International Sukuk programs, the Finance Ministry said on Tuesday. The government seeks to diversify external financing sources and prepare for future sovereign debt issuances. #### Which banks did Pakistan appoint for its bond and sukuk programs? The three-year appointments cover Eurobonds, international sukuks and Pakistani rupee-denominated, U.S. dollar-settled bonds. Finance Minister Muhammad Aurangzeb finalized the selections after a competitive procurement process, held in Washington, D.C., where he met the banks virtually. The consortium banks are: * Eurobonds: Standard Chartered Bank, Citibank, Deutsche Bank, Emirates NBD Capital and MUFG Securities Asia Limited * International sukuks: Standard Chartered Bank, Dubai Islamic Bank, Citibank, Emirates NBD Capital and Mashreq Bank * PKR-denominated, USD-settled bonds: Standard Chartered Bank, Citibank and Deutsche Bank #### Why did Pakistan appoint these bank consortiums now? The Finance Ministry said the appointments are meant to support repeated access to international capital markets, not a single borrowing transaction. Future issuances will proceed as financing needs arise, once documentation and regulatory formalities are complete. The ministry said adding MUFG Securities Asia Limited and Mashreq Bank for the first time broadens Pakistan's engagement with major international financial institutions. Officials linked the planned return to capital markets to an improving macroeconomic environment. The ministry cited fiscal consolidation, stronger external buffers, improved debt sustainability indicators and ongoing structural reforms. It said narrowing sovereign credit spreads reflect growing investor confidence in Pakistan's economic fundamentals. #### What is the goal of Pakistan's bond and sukuk strategy? The government said its aim extends beyond raising financing to building a diversified, market-based funding platform. Officials said this approach is designed to expand the investor base, lower borrowing costs and strengthen Pakistan's long-term presence in international capital markets. #### What else did Aurangzeb discuss in Washington? Separately, Aurangzeb met a Honeywell Technologies delegation led by Vice President and General Manager Barry Glickman to discuss modernizing Pakistan's refinery sector. He welcomed Honeywell's proposal to upgrade domestic refineries, saying it could raise refining capacity, cut reliance on imported petroleum products and strengthen energy security. The talks covered Honeywell's refining technology and equipment, along with potential financing from the U.S. Export-Import Bank, the U.S. International Development Finance Corporation, export credit agencies and international commercial banks. Aurangzeb said the refinery modernization initiative would support Pakistan's energy security, industrial development and sustainable economic growth.

to RePEc:eme:imefmp:imefm-06-2021-0252

Pakistan plans to issue new Eurobonds, Sukuk and its first dollar-settled rupee-linked bonds to refinance external debt, extend maturities and strengthen access to global markets.