The core Islamic finance markets include GCC, Malaysia, Indonesia, Türkiye and Pakistan. These markets constituted almost 90% of global Islamic syndications funding where UAE alone contributed by a market share of almost 40%. As per Fitch Rating report issued during November 2025, the global outstanding of Islamic syndications witnessed a growth of 32.5% by the end of Q3 for year-on-year basis. In absolute values, the market outstanding surpassed the level of US$200 billion for the same period. Nevertheless, Islamic syndication new issuance declined by 22% during 2025. More specifically, core markets share in syndication new issuance declined from 90% to 81% by the end of Q3 2025 if compared to 2024. So, what caused this drop in syndication issuance.
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