Global sukuk issuance exceeded $85bn last year, more than 90 percent higher than the previous year, Kuwait Finance House Research Limited (KFHR) said on Friday. Its monthly report on the Islamic bond market also said issuance during December fell below the average, hitting $5bn. The report showed that sovereign issuance was the main catalyst for the sukuk market last year, making up $59bn, while companies\' issuance reached $19bn. The 2011 total to $85.1bn represented a year-on-year increase of 90.2 percent compared to 2010, KFHR added. The global sukuk secondary market also reached an all-time high of $178.2bn by the year-end, a 24 percent increase on 2010, the report said. On a monthly basis, December was a quiet month for issuances outside of Malaysia. However, the primary market still recorded a year-on-year increase of 0.7 percent. The largest issuance for the month was the third issuance of the year for Pakistan Domestic Sukuk Company Limited which issues on behalf of the government. The $781.1m sukuk Ijarah was structured with a three-year tenure. The vast majority of primary market issuances were domiciled in Malaysia with only one sukuk each arising from Pakistan and Bahrain, the report added.