We expect sukuk issuance to continue to decline this year on lower volumes from major sovereign issuers, mostly reflecting an improving fiscal position across the Gulf Cooperation Council (GCC)1 countries and Southeast Asia. We expect total gross short- and long-term sukuk issuance of $150-$160 billion in 2023, down from $178 billion in 2022. Issuance activity was $66 billion in the first half of 20232, down from $92 billion a year earlier, as lower than expected sovereign activity in the GCC....