Islamic Corporation for the Development of the Private Sector rings market bell to celebrate listing of USD 300 million Sukuk on Nasdaq Dubai

DUBAI, UAE, April 25, 2016/ --

  • Capital raised supports private sector growth in member countries

  • Listing adds new impetus to Dubai's growth as global centre of the Islamic Economy

Khaled Al Aboodi, Chief Executive Officer of Islamic Corporation for the Development of the Private Sector (ICD) (www.IDC-ps.org), today rang the market-opening bell to celebrate the listing of a 300 million US dollar Sukuk on Nasdaq Dubai.

The total nominal value of Sukuk currently listed in Dubai has now reached 42.61 billion US dollars, more than the value listed in any other centre globally and reinforcing the Emirates leadership role in the Islamic bond sector.

The bell-ringing ceremony was attended by His Excellency Essa Kazim, Governor of Dubai International Financial Centre (DIFC), Secretary General of Dubai Islamic Economy Development Centre (DIEDC), and Chairman of Dubai Financial Market (DFM); Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai; and Hamed Ali, Chief Executive of Nasdaq Dubai.

Khaled Al Aboodi, Chief Executive Officer of ICD, said: "Using the funds raised by this Sukuk, we will further pursue our mission to provide financing and investment for a range of successful private enterprise projects in our member countries. As the international exchange serving the region, Nasdaq Dubai provides us with close links to investors in and beyond the Muslim world as well as global visibility and world class listing infrastructure."

HE Essa Kazim, Governor of Dubai International Financial Centre (DIFC), Secretary General of Dubai Islamic Economy Development Centre (DIEDC) and Chairman of DFM, said: "Dubai is delighted to support the valuable activities of ICD by providing its capital markets infrastructure to host its Sukuk. This listing by a prominent multilateral entity gives further impetus to Dubai's growth as the global Capital of the Islamic Economy, under the initiative launched by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minster, and Ruler of Dubai."

The Sukuk issued by ICD, the private sector arm of the Islamic Development Bank (IDB) Group, listed on April 14, 2016. IDB has seven other Sukuk currently outstanding on Nasdaq Dubai that have listed since 2014, with a total nominal value of 8.05 billion US dollars.

Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said: "The exchange looks forward to welcoming many more Sukuk listings from international and regional public and private sector bodies. As we continue to build critical mass in the Islamic capital markets sector, we will extend the range and scope of the services that we offer to market participants including developing new products and further strengthening our links to investors."

Hamed Ali, Chief Executive of Nasdaq Dubai, said: "Our growing relationship with the IDB group demonstrates our commitment to serving Sharia'a-compliant issuers wherever they are based, providing visibility and close links with investors. We are also strengthening our ties with issuers around the world that are new entrants to the Islamic capital markets and will benefit from a relationship with the world's leading Sukuk exchange."

-Ends-

Distributed by APO (African Press Organization) on behalf of Islamic Corporation for the Development of the Private Sector (ICD).

About Nasdaq Dubai
Nasdaq Dubai is the international financial exchange serving the region between Western Europe and East Asia. It welcomes regional as well as global issuers that seek regional and international investment. The exchange currently lists shares, derivatives, Sukuk (Islamic bonds), conventional bonds and Real Estate Investment Trusts (REITS).

The majority shareholder of Nasdaq Dubai is Dubai Financial Market with a two-thirds stake. Borse Dubai owns one third of the shares. The regulator of Nasdaq Dubai is the Dubai Financial Services Authority (DFSA). Nasdaq Dubai is located in the Dubai International Financial Centre (DIFC).

About ICD
The Islamic Corporation for the Development of the Private Sector ("ICD") (www.IDC-ps.org) is a multilateral development financial institution and is part of the Islamic Development Bank ("IDB") Group.

ICD was established in November 1999 to support the economic development of its member countries through the provision of finance for private sector projects, promoting competition and entrepreneurship, providing advisory services to the governments and private companies and encouraging cross border investments.

ICD has an authorized capital of $4 billion. Currently, the shareholders of ICD are the IDB, 53 Islamic countries and five public financial institutions. ICD is rated AA from Fitch, Aa3 by Moody's and AA by Standard & Poors.

ICD fosters sustainable economic growth in its 53 member countries by financing private sector investment, mobilizing capital in the international financial markets, and providing advisory services to business and governments. ICD financing projects are selected on the basis of their contribution to economic development considering factors such as job creation, Islamic finance development, contribution to exports etc.

SOURCE
Islamic Corporation for the Development of the Private Sector (ICD)

© Press Release 2016