Malaysia is king of sukuk issuance, having issued $25.4bn worth in 2011, compared with $2.6bn from the United Arab Emirates and $1.5bn from Saudi Arabia, according to Dealogic.

The two most popular sukuk structures at the moment are Ijarah and Wakalah, according to debt bankers at HSBC and Standard Chartered - who are the leading bookrunners so far this year.