IsDB, ICMA and CFA Institute to develop ‘A Primer on Sukuk’
16 July 2026 The Islamic Development Bank (IsDB), the International Capital Market Association (ICMA) and CFA Institute have agreed to collaborate on the development of A Primer on Sukuk, (“Primer”), a practical guide designed to introduce sukuk to capital market practitioners and other stakeholders globally.
The initiative aims to support wider understanding of sukuk as an asset class within international fixed income markets, including their role in sustainable finance, while remaining aligned with the principles of Islamic finance. The Primer will provide an accessible overview of sukuk definitions, structures, documentation, issuance processes, ratings considerations, investment considerations and relevant case studies.
The publication is intended to help improve investor awareness of sukuk, support the continued development of the market with high standards and integrity, and highlight the applicability of sukuk across global capital markets, including sustainable capital markets.
The Primer will be developed by a working group comprising representatives from IsDB, ICMA and the CFA Institute. The parties may also consult regional stakeholders, industry associations and subject matter experts, including issuers, underwriters, regulators, standard setters and rating agencies, to ensure the publication reflects market practice across key centres for global finance.
Dr. Abdourrabih Abdouss, Officer in Charge, Vice President (Finance) and CFO of the Islamic Development Bank, said, "Development of the Sukuk market is a core part of IsDB’s mandate, and this joint initiative is fully aligned with our mission. We are pleased to join hands with ICMA and the CFA Institute to develop the Primer to build critical understanding of Sukuk as an essential capital market instrument for stakeholders such as sovereigns, supranationals, agencies, banks, financial institutions and corporates, among others. Stakeholder engagements will ensure that the Primer serves the capital markets with practical insights and considerations to participate and further expand the global Sukuk market."
Bryan Pascoe, Chief Executive of ICMA, said: “ICMA is pleased to collaborate with IsDB and CFA Institute on this important initiative to broaden understanding of sukuk among global capital market participants. Sukuk are an increasingly relevant part of international fixed income markets and have a clear role to play in supporting sustainable investment. By bringing together the complementary expertise of our three organisations, this Primer can help promote greater awareness, consistency and confidence in the market.”
Mr. Iñigo Bengoechea, Head of Strategic Partnerships at the CFA Institute, said: “CFA Institute is pleased to contribute its expertise in investor education, professional standards, and sustainable finance to this important initiative. Sukuk are an increasingly significant component of global fixed-income markets, yet many practitioners and investors would benefit from a clearer and more practical understanding of their structures, risks, and applications. In collaboration with IsDB and ICMA, we aim to provide an accessible and authoritative resource that strengthens market knowledge, supports informed investment decision-making, and contributes to the continued development of the sukuk market with integrity and high professional standards.”
Islamic Development Bank (IsDB) is a AAA-rated supranational and multilateral development financial institution with 57 Member Countries (MCs) and a mandate of delivering social and economic development with a focus on sustainability in its Member Countries and Muslim communities worldwide. The Bank’s operations span across four continents, touching the lives of nearly 1 in 4 of the global population. Its mission is to equip people to drive their own economic and social progress at scale, putting the infrastructure in place and enabling them to fulfil their potential. The Bank’s targeted efforts foster an environment where the primary focus is on human development and well-being.
CFA Institute
As the global association of investment professionals, CFA Institute sets the standards for professional excellence and credentials. We champion ethical behaviour in investment markets and serve as the leading source of learning and research for the investment industry. We believe in fostering an environment where investors’ interests come first, markets function at their best, and economies grow. With more than 200,000 charterholders worldwide across more than 160 markets, CFA Institute has 8 offices and 157 local societies. Find us at www.cfainstitute.org or follow us on LinkedIn and subscribe on YouTube.
