Rakia lists its first Sukuk on DIFX, world's lagest Islamic bond market |
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$325 million Sukuk supports UAE artificial island luxury development Ras Al Khaimah Investment Authority (RAKIA)Ras Al Khaimah Investment Authority (RAKIA)
today listed a $325 million Sukuk (Islamic bond) on the Dubai International Financial Exchange (DIFX)Dubai International Financial Exchange (DIFX), taking the DIFX's total listed value of Sukuk to $14.105 billion - the largest value of any exchange in the world. RAKIARAKIA has raised the money for its Al Marjan artificial island tourism project being built in the Gulf off Ras Al Khaimah in the northern United Arab Emirates.
Dr Khater Massaad, Chief Executive Officer of RAKIARAKIA said: "Investors have shown great interest in this first Sukuk to be issued by RAKIARAKIA, as we move forward with the Marjan development including upmarket hotels, villas, a marina and a theme park. As the region's international exchange with high regulatory standards, the DIFX enhances our visibility to investors and underpins their confidence in our Sukuk."
Per E. Larsson, Chief Executive of the DIFX, said: "Sukuk are a rapidly growing asset class, with global issuance rising 63% to $26.9 billion in the first nine months of 2007, from the same period last year. The DIFX region is playing a central role in this expansion and the exchange will remain at the forefront of the sector."
RAKIARAKIA's Sukuk has been issued by RAKIA Sukuk Company Limited and matures in 2012. It is based on an Al-Wakala structure. The lead managers for the issue were Credit Suisse, HSBC and NBD Investment Bank.
Hamed Ali, Executive Officer of the DIFX, said: "Islamic finance will increasingly be a growth area for the exchange in areas such as structured products as well as Sukuk. Our securities suit a wide range of international and regional investor requirements."
-Ends-
About DIFX
The DIFX is the international financial exchange serving the region between Western Europe and East Asia. It welcomes regional as well as international issuers that seek regional and international investment.
The exchange opened in September 2005 and currently has 19 Members - ABN AMRO, Arbuthnot Securities, Barclays Capital, Citigroup, Credit Suisse, Daman Securities International, Deutsche Bank, EFG-Hermes, Hichens, Harrison & Co, HSBC, ING Bank NV, Jefferies International, KAS BANK, Morgan Stanley, Merrill Lynch, Mashreq Capital (DIFC), NBD Investment Bank, SHUAA Capital and UBS.
Issuers on the DIFX: Equities - Albaraka Banking Group (ordinary shares), Boulder Steel (ordinary shares), DP World (ordinary shares), Citigold CorporationCitigold Corporation (ordinary shares), Fortune Management (ordinary shares), Gold Fields (American depositary shares), Hikma Pharmaceuticals (global depositary receipts), Kingdom Hotel Investments (ordinary shares), Man Industries (India) (global depositary receipts), Monarch Gold Mining Company (ordinary shares), Rana Sugars (global depositary receipts); Sphere Investments (ordinary shares); Unigold Inc (ordinary shares); Bonds - DP World (Medium Term Notes), Dubai Holding Commercial Operations Group (Medium Term Notes), Kuwait Financial Centre S.A.K. (Closed) (Notes); MashreqBank (Medium Term Notes), National Bank of Dubai (Medium Term Notes); Islamic Products - Aabar Sukuk (Sukuk), Cherating Capital (Sukuk), DAAR International Sukuk (Sukuk), Dar Al Arkan International Sukuk (Sukuk), DIB Sukuk (Sukuk), DIFC Investments (Sukuk), Dubai World Sukuk (Sukuk), IIG Funding Ltd (Sukuk), Nakheel Development (Sukuk), Ports, Customs and Free Zone Corporation (Sukuk), RAKIA Sukuk Company (Sukuk); TID Global Sukuk (Sukuk); Structured Products - Deutsche Bank, Merrill Lynch, Morgan Stanley
The regulator of the DIFX is the Dubai Financial Services Authority. The DIFX is owned by Borse Dubai Limited, a holding company which also owns the Dubai Financial Market. The DIFX is located in the Dubai International Financial Centre.
www.difx.ae
© Press Release 2007
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