The UAE accounted for 38.4% of global Islamic syndicated financing, which fell 22% year-on-year (YoY) to $38.9 billion by the end of the first nine months of 2025, according to a Fitch Ratings report.

The Gulf Cooperation Council (GCC) maintained its dominance in the global Islamic syndication market, accounting for 67.5% of issuances and 78% of global Islamic syndicated financing outstanding during the period.

Global outstanding Islamic syndicated financing exceeded $200 billion by the end of September 2025, rising 32.5% YoY. The core Islamic finance markets - the GCC countries, Indonesia, Malaysia, Turkey and Pakistan - accounted for about 90% of global Islamic syndicated financing.

Fitch expects the global Islamic syndicated financing market to remain flat through late 2025 and into 2026.

‘’We expect global Islamic syndication issuances to remain more or less at the same activity levels we saw in 2025, as issuers increasingly favour sukuk and bonds, driven by investor diversification and regulatory support,” Bashar Al Natoor, Global Head of Islamic Finance, Fitch, said.

He added that private credit in the GCC is expanding from a low base, but sukuk, bonds and syndicated financing will remain dominant in the coming years.

(Editing by Brinda Darasha; brinda.darasha@lseg.com)