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 procure-ment through Islamic finance. In order to expand the number of construction projects in the Middle East and reinforce finan-cing 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.