(MENAFN) Last year, there was a notable 86.6 percent increase in the issuance of governmental Sukuk by Islamic banks, marking a resurgence in Sukuk issuance. Qatar Central bank (QCB) also saw a 42.8 percent increase in Sukuk issuance compared to 2022. According to the annual report on Islamic Finance in Qatar 2023, the total Sukuk issued between 2019 and 2023 amounted to QR53 billion, with government Sukuk constituting 60 percent of this total.

In 2023, QCB’s Sukuk issuance dominated public debt instruments, accounting for 58.3 percent of total debt issuance during the year. QCB issued Sukuk worth QR7.7 billion in two phases for a 5-year period. Specifically, QR4.65 billion was issued in June and QR3.06 billion in September.

Over the five-year period from 2019 to 2023, QCB’s total Sukuk issuance reached QR31.7 billion, representing 35 percent of the combined Sukuk and government bonds issued during that time.

Qatar Islamic Bank (QIB) issued Sukuk amounting to QR650 million in September, November, and December of the previous year, all with a maturity of 5 years. From 2019 to 2023, QIB’s total Sukuk issuance amounted to QR10.2 billion.

Masraf Al Rayan issued approximately QR4.7 billion in Sukuk during the same period, while International Islamic Bank’s Sukuk issuance totaled QR4.6 billion. Dukhan Bank issued Sukuk amounting to QR1.8 billion over various types, including Finance Sukuk and permanent capital Sukuk.