Beyond Sukuk: Building a Diverse Islamic Capital Markets Ecosystem

A strong listing franchise for Sukuk and Islamic funds remains central to the UK and Ireland’s Islamic markets offering, but is not the only route to Shariah-compliant financing. We examine how structured real-asset finance, private credit, securitisation, infrastructure and transition-finance vehicles, and digital platforms can complement listings and broaden market relevance. We also explore the growing role of SROI in assessing impact, and ask how innovation and regulatory clarity can support a more flexible, liquid and diversified ecosystem. Moderator: Nitish Bhojnagarwala, Executive Director, Financial Institutions Group, Moody’s Ratings Panelists: Dr Arshadur Rahman, Senior Manager, Bank of England Dr Mohamed Damak, Managing Director and Global Head of Islamic Finance, S&P Global Ratings Neil McCarroll, Partner, Mourant Law Shabnam Mokhtar, Managing Director, SHAPE Knowledge Services