ICAEW.com works better with JavaScript enabled.


Research guide

Published: 18 Aug 2015 Updated: 17 Mar 2022 Update History

Sukuk are financial certificates that provide an investor with proportionate beneficial ownership of an asset, and returns based on this ownership. They are commonly referred to as Islamic bonds and have proven popular as an alternative source of funding. In 2014 the UK government issued its first sovereign Sukuk, followed by its second sovereign Sukuk in 2021.

The Business & Industry Guides series is produced by the Library & Information Service for ICAEW members and ACA students.

We can compile tailored key players reports, mailing lists, market reports, benchmarking reports and industry news. Our enquiry team can also research other industry-specific information, such as taxation, for you. Call us on +44 (0)20 7920 8620 or email library@icaew.com.

Bloomsbury Core Accounting and Tax Service

Eligible firms have free access to Bloomsbury Professional's comprehensive online library, comprising more than 60 titles from some of the country's leading tax and accounting subject matter experts. Find out who is eligible and how you can access the Core Accounting and Tax Service.

Terms of use

You are permitted to access, download, copy, or print out content from eBooks for your own research or study only, subject to the Acceptable usage terms.


The Library provides full text access to a selection of key business and reference eBooks from leading publishers. eBooks are available to logged-in ICAEW members, ACA students and other entitled users. If you are unable to access an eBook, please see our Help and support advice or contact library@icaew.com.

Terms of use: You are permitted to access, download, copy, or print out content from eBooks for your own research or study only, subject to the terms of use set by our suppliers and any restrictions imposed by individual publishers. Please see individual supplier pages for full terms of use.

The market for Sukuk

Global trends in Islamic finance and the UK market 2019
TheCityUK publishes a regular Islamic finance research report which summarises global trends in Islamic finance, with particular reference to how the market - including the sukuk market - is developing in the UK. The most recent report was published in April 2019.

IIFM Annual Sukuk report 2021
An International Islamic Financial Market (IIFM) research report providing an overview of the global Sukuk market, with major 2020 issuances highlighted. 

Islamic Finance News: IFN Annual Guide 2022
This annual IFN journal guide looks at overall markets for Islamic finance, with several individual country market reports and a review of the sukuk market during the past year.

Islamic Finance Outlook 2021
S&P Global Ratings research report predicting trends that will shape the industry's growth, with a focus on how the global sukuk market will fare. 

Sustainable finance: Can Sukuk become a driver of solar and green energy growth?
A Deloitte 2019 renewable energy report examining the industry investment trends, regulatory policy, industry stakeholders, financing strategies and success stories behind Islamic financing strategy. 

Useful links

Debt, financing and sukuk
Video of an October 2013 presentation given by Roger Wedderburn-Day (Partner, Allen & Overy) as part of the LSE Department of Law's Islamic Finance Seminar Series. The presentation covers what debt financing is, how bond issues work, how this is relevant to sukuk, how sukuk work, interesting features of sukuk and the future of sukuk.

This site aims to provide free access to a comprehensive searchable database of issued sukuk bonds, as well as market news articles and a Who's Who directory of qualified industry professionals and firms.

Sukuk in focus: The necessity for global common practices
A 2018 industry whitepaper published by Deloitte’s Islamic Finance Knowledge Center (IFKC) in collaboration with the International Shari’ah Research Academy for Islamic Finance (ISRA). The report shares perspectives from industry experts on the need for better common practices within the global Sukuk market. 

The UK's first Islamic bank sukuk issue
Article by Mohammed Amin (formerly a PwC Tax Partner) on the first sukuk issue by a UK based Islamic bank, which occurred in February 2018.

Further reading

The library provides access to a range of online articles from leading business and finance journals on sukuk, supplemented by a collection of articles and books that can be obtained through the library's enquiry service.

Online articles

Access to full text articles is provided for ICAEW members, ACA students and other entitled users subject to the conditions listed in the terms of use statement.

ICAEW members and ACA students can obtain articles from the Journal of Islamic Accounting and Business Research by contacting the Library enquiry service by telephone on +44 (0)20 7920 8620 or by email at library@icaew.com.

Articles and books in the ICAEW Library collection

Click on the links below to see our catalogue record and holdings for each item. Please contact us if you would like to borrow a book or request a copy of an article.

To find out how you can borrow books from the Library please see our guide to borrowing books.

You can obtain copies of articles or extracts of books and reports through our document supply service.

Can't find what you're looking for?

The ICAEW Library can give you the right information from trustworthy, professional sources that aren't freely available online. Contact us for expert help with your enquiries and research.

Every effort has been made to ensure that the information given in this Business & Industry Guide is correct. However, the content of websites changes frequently and users should satisfy themselves that the information they contain is suitable for the purposes for which they wish to use it. We would be grateful to receive notification of any broken links at library@icaew.com.


ICAEW accepts no responsibility for the content on any site to which a hypertext link from this site exists. The links are provided ‘as is’ with no warranty, express or implied, for the information provided within them. Please see the full copyright and disclaimer notice.