Euromoney highlights six of the strongest key innovations in Islamic finance from the last 12 months.

OR250 million ($650 million) sukuk

£132 million ($187 million) secured Islamic facility

M$100 million ($18.2 million) sustainable and responsible investment sukuk (Ihsan)

$1.5 billion sukuk

UK Export Finance $913 million sukuk (Khadrawy)

$100 million Islamic structured club facility

Submission deadline Thursday 10th March 2016

SR2 billion sukuk programme

RM1 billion sukuk

The immunization sukuk $500 million

The growth and globalization of Islamic finance over the past decade has been a rare success story for the financial industry. Here, Euromoney examines the challenges the sector faces to rise to the next level. Throughout the section, we highlight the banks, advisers, issuers and companies that are moving the industry forward, in Euromoney’s inaugural Innovation in Islamic finance awards.

View award winners

$1.5 billion 10-year sukuk

$500 million perpetual sukuk

£200 million sukuk

View award winners

Private equity listings

Lulu Hypermarket

$2.6 bilion IPP

$2.7 billion restructuring

With expanding economies and hundreds of million Muslims, Africa deserves to be a bigger part of Islamic finance. After a slow start, there are signs the sector is beginning to gain the crucial mass and legislative backing it needs.

As liquidity improves and conventional buyers become more familiar with it, the premium for issuing in an Islamic format is shrinking. Emerging market issuers may still hold the most promise for the future

International banks used to dominate Islamic finance. But their desire to innovate risked the market straying from its principles. Local and specialist firms have benefited from their withdrawal. But can they take Shariah-compliant finance to the next level without repeating the mistakes of the past?

Best Islamic legal adviser

Best Islamic leasing house

Best Islamic bank in Asia

Best Islamic bank in the Middle East

Best sukuk house