Nasdaq Dubai posts record year as Sukuk listings soar past $100 billion

Nasdaq Dubai attracted a record number of Sukuk listings in 2025, supported by sustained issuance activity from regional and international issuers and continued global investor demand for Sharia-compliant debt instruments.

By the end of 2025, the total value of outstanding debt securities listed across Dubai Financial Market (DFM) and Nasdaq Dubai reached $150.9 billion, with Nasdaq Dubai accounting for $146.1 billion of the total.

The exchange’s Sukuk market has expanded significantly over the past decade, with the value of outstanding listings increasing eightfold since 2013, from $12.6 billion to more than $100 billion.

Since inception, Nasdaq Dubai has hosted more than $245 billion in cumulative bonds and Sukuk issuances, including $177 billion in Sukuk.

The growth aligns with the United Arab Emirates’ National Strategy for Islamic Finance and Halal Industry, which targets Islamic banking assets of Dhs2.56 trillion and aims to increase Sukuk listings to more than Dhs660 billion domestically and Dhs395 billion internationally by 2031.

In 2025, Nasdaq Dubai recorded $30.6 billion in new debt listings across 60 issuances, marking record levels of strong and diversified listings activity.  Debuts from Ajman Bank, OMNIYAT, Mashreq, China Development Bank and the New Development Bank, alongside repeat issuances under established programmes, further strengthened the exchange’s continued appeal to sovereign, supranational, financial and corporate issuers.

Sovereign and government-related issuers continued to represent a significant share of activity during the year. Issuances by the Republic of Indonesia, the UAE Federal Government, and the governments of Ras Al Khaimah and Sharjah reinforced Dubai’s standing as a trusted gateway for global capital flows.

Corporate and financial institution issuers also listed a diverse range of instruments, spanning conventional bonds, Sukuk, Additional Tier 1 capital securities, and sustainability-linked structures, highlighting the depth and flexibility of Nasdaq Dubai’s fixed income market.

Nasdaq Dubai advanced its position as a regional leader in sustainable finance during 2025.

By year-end, the total outstanding value of ESG-linked debt instruments listed on the exchange reached $30.08 billion across 41 issuances. This included: $18.38 billion in green bonds across 27 issuances. $9.05 billion in sustainability bonds across 9 issuances, $2.55 billion in sustainability-linked bonds across 4 issuances and $100 million blue bond across 1 issuance.

Global issuer participation has been a defining pillar of Nasdaq Dubai’s growth.

Over the years, the exchange has attracted landmark debt listings from sovereign, supranational and institutional issuers across Asia and the Middle East, reflecting sustained international confidence in its market infrastructure. Sovereign issuers such as the Governments of Indonesia, Turkey, China, Hong Kong, Philippines, and supranationals including Islamic Development Bank, Islamic Corporation for the Development of the Private Sector and New Development Bank as well as a Policy Bank like China Development Bank, have chosen Nasdaq Dubai as their listing venue, underscoring its role as a trusted international gateway for cross-border debt and sukuk issuance.

WAM