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Record Sovereign Issuance: ���������ֳ� estimates total sukuk issuance (domestic and external) rose by 29% to USD75 billion in 2020 for Bahrain, Indonesia, Malaysia, Oman, Saudi Arabia and Turkey. A sharp increase in financing requirements contributed to record sukuk issuance by the six (which tend to be the largest sukuk issuing sovereigns) in 2020. ���������ֳ� estimates that sukuk fell to 26% of market financing in 2020from 30% in 2019, ending three years of a growing share. High Financing Needs: Financing needs jumped in 2020 due to high fiscal deficits caused by pandemic-related spending and revenue losses. ���������ֳ� estimates market borrowing by the six sovereigns rose to USD282 billion from USD194 billion in 2019. Sukuk issuance rose in each in US dollar terms bar Oman, where domestic bond issuance was stepped up. Indonesia posted a notable decline in the proportion of sukuk financing (both domestically and externally) and remained the largest issuer in US dollar terms. For the remainder, the sukuk proportion was broadly unchanged.