This study aims to show the impact of financial development on the volume of Sukuk issuances in nine countries (Malaysia, Indonesia, Turkey, Pakistan, Saudi Arabia, UAE, Bahrain, Qatar, and Oman) during the period (2005-2016). The study used Hausman test of fixed/random effects model to examine the impact of financial depth, efficiency, and stability in financial institutions and markets on the volume of Sukuk issuances. The study also conducted a Granger causality test to determine the direction of causality between dependent and independent variables. The results showed that financial depth, efficiency and stability have a statistically significant effect on public sector sukuk issuances and the total sukuk issuances. Moreover, financial depth and stability do not show an effect on private sector issuances. Furthermore, the results revealed that the market capitalization has a negative significant effect on the total volume of sukuk issuances. Additionally, there is a unidirectional causal relationship between public sector issuances and the credit to the private sector, which indicates that the public sector determines the private sector's share of available sources of funds.