Monday, Nov 11, 2013
The listing of a $500 million (Dh1.84 billion) Sukuk by RAK Capital on Nasdaq Dubai was inaugurated by ringing the market opening bell at Dubai Financial Market (DFM).
It was the ninth Sukuk listing on Dubai’s exchanges so far this year. This brought the total nominal value of all the listed Sukuk to $12.58 billion (Dh46.2 billion), the third highest amount in the world, underlining the growing success of the ‘Dubai, the Capital of the Islamic Economy’ initiative.
“Dubai’s exchanges are playing a rapidly expanding role in supporting the Islamic funding needs of organisations across the UAE and beyond, including through a growing number of listings from various emirates from public as well as private sector businesses,” added Essa Kazim, Chairman of Dubai Financial Market (DFM), and Secretary General of the Higher Committee for Development of the Islamic Economy sector.”
RAK Capital’s Sukuk listed on Nasdaq Dubai on October 22, under a programme by which the government of Ras Al Khaimah may issue Sukuk valued at a total of two billion dollars.
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