The United Arab Emirates (UAE) accounted for 38.4% of global Islamic syndicated financing, which declined 22% year-on-year to $38.9 billion by the end of the first nine months of 2025, according to a report by Fitch Ratings.
The Gulf Cooperation Council (GCC) continued to dominate the global Islamic syndication market, representing 67.5% of total issuances and 78% of global Islamic syndicated financing outstanding during the period.
Globally, outstanding Islamic syndicated financing surpassed $200 billion as of September 2025, marking a 32.5% year-on-year increase. The main Islamic finance hubs—comprising the GCC nations, Indonesia, Malaysia, Turkey, and Pakistan—accounted for around 90% of this total.
Fitch expects the global Islamic syndicated financing market to remain stable through the remainder of 2025 and into 2026.
“We expect global Islamic syndication issuances to remain broadly at current activity levels, as issuers increasingly opt for sukuk and bonds amid growing investor diversification and regulatory support,” said Bashar Al Natoor, Global Head of Islamic Finance at Fitch Ratings.
He added that while private credit in the GCC is growing from a low base, sukuk, bonds, and syndicated financing are expected to remain the primary funding channels in the near term.
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