The global Sukuk market entered 2026 with strong momentum after a record year in 2025, when global issuance grew 25% year-on-year to surpass USD 300 billion for the first time. Then came the US-Iran war, triggering a 35% plunge in first-quarter global Sukuk volumes, effectively grounding the Gulf Cooperation Council (GCC) market to a halt in March.

Bashar Al Natoor, Global Head of Islamic Finance at Fitch Ratings, joins The Breakfast Grille to break down how the asset class is navigating this ultimate geopolitical stress test.

We dive into why global yields refuse to return to pre-war baselines, how Malaysia’s local, ringgit-denominated market acts as a shield against international volatility, and whether the future of Shariah-compliant capital will be powered by blockchain tokenisation.