The Islamic finance industry, which is based on Sharia, has been growing at a relatively fast pace despite the 2008 global financial crisis. Project finance in the Middle Eastern construction market is witnessing a growing inflow of financial procurement through Islamic finance. In order to expand the number of construction projects in the Middle East and reinforce financing capacity to this end, Korea should focus more attention on the Islamic finance industry and Islamic project finance. This paper takes a look at trends in Islamic project finance, mainly in the GCC region, and seeks policy implications for Korea.