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Despite the challenges faced by the sukuk market, there have been a number of significant developments in recent months, including regulatory changes in the US and the inclusion of sukuk in a number of key indices. A lot of sukuk investors, particularly Islamic banks, are hold-to-maturity investors not due to Sharia principals but because there is such a scarcity of sukuk assets. This is in turn a consequence of the limited volume of issuance, with demand far outstripping supply. That may explain why, after a wave of sukuk from new issuers such as the UK and Luxembourg in 2014, the number of new entrants to the market has dwindled. Unfortunately, this is unlikely to change quickly, despite industry attempts to improve standardization, and investors will need to understand and be patient in the meantime.
Such concerns are not eased by reports that highlight how interpretations within a country may change over time. Despite these concerns, investor demand is such that new issuance is almost always oversubscribed, even as the size of sukuks continue to grow. 9 billion Saudi sovereign sukuk earlier this year, which became the largest issuance to date. Another area of potentially great significance is the inclusion of sukuks in the EMBI and JACI indices published by JP Morgan. This is seen as a very positive development, as it brings sukuks onto the radar of many more investors and fund managers.