A number of sukuk issuers in the GCC are on Rating Watch Negative (RWN) due to the Iran war, according to Fitch Ratings. 

The GCC issuers account for 3% and 4% of all rated sukuk volumes and instruments, respectively, the rating agency said in a report.

GCC sukuk issuers, Qatar and a few UAE corporates have been put on RWN due to the war.

War-related rating actions continued in April, with Ras Al Khaimah placed on RWN, the report added.

A re-escalation of hostilities to greater intensity than before the ceasefire or a more prolonged economic activity disruption would further test
resilience and exert more pressure on ratings than it has to date, Fitch said.

Most sukuk issuers maintained a stable outlook at the end of the first quarter of 2026, with Fitch assigning ratings to more than 35 sukuk, totaling more than $15 billion.

(Editing by Seban Scaria seban.scaria@lseg.com)