30 June 2015
• Bank's debut Sukuk underlines Dubai's dynamism as it expands as global Capital of Islamic Economy

• Listing on international exchange supports bank's stature as an Islamic institution with worldwide reach

Dubai - Hussain Al Qemzi, CEO, Noor Bank, today rang the market-opening bell to celebrate the listing of a 500 million US dollar Sukuk on Nasdaq Dubai.

The Sukuk, the first to be issued by Noor Bank, underlines Dubai's established expertise in the Islamic bond sector, whose growth is playing a key role in the expansion of the Emirate as the global Capital of the Islamic Economy. Dubai's exchanges have attracted 31 Sukuk listings since the start of 2014, one of the largest totals in the world.

The bell-ringing 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 DFM; Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai; and Hamed Ali, Chief Executive of Nasdaq Dubai.

His Excellency Essa Kazim, Governor of DIFC, Secretary General of DIEDC and Chairman of DFM, said: "As a leading Dubai-based provider of Islamic financial services, Noor Bank's decision to list its debut Sukuk on Nasdaq Dubai highlights the dynamism of the Sukuk sector in the Emirate, in line with the growth of Dubai as the global Capital of Islamic Economy under the initiative launched by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President, Prime Minster and Ruler of Dubai. Dubai is committed to providing unparalleled breadth and depth of expertise in all aspects of Sukuk activity." 

Hussain Al Qemzi, CEO, Noor Bank, said: "We are very pleased to become one of the lowest priced FI Sukuk issuers to be listed on Nasdaq. Our growing stature as an Islamic institution with worldwide reach is well supported by our listing on the international exchange located in our home region. Nasdaq Dubai supplies global visibility backed by a first class regulatory structure, which is appreciated by regional as well as international investors in our Sukuk from a wide range of sectors."
  
The bank succeeded in printing its debut Sukuk at one of the lowest yields paid by any UAE Sukuk issuer. The issue received a strong response and was oversubscribed 4.3 times.  More than 45% of the issuance was allocated to European and Asian investors, with the rest overwhelmingly going to Middle East based investors. The Sukuk was listed on the exchange on April 29, 2015.

Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said: "The exchange is dedicated to providing Noor Bank and all its Sukuk issuers with the streamlined and responsive framework that they expect in a world class listing environment, both before and after listing. Nasdaq Dubai will continue to enhance its infrastructure in order to compete with and exceed best international practices."

Hamed Ali, Chief Executive of Nasdaq Dubai, said: "As we strengthen our collaboration with leading Islamic capital markets institutions across a range of financing activities, we are in discussion with a growing number of potential issuers who wish to list securities. Our location in Dubai places the exchange at the heart of a thriving community of Islamic finance specialists who are driving the expanding success of the sector."

-Ends-

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 Noor Bank
Noor Bank began operations, in Dubai, in 2008, as Noor Islamic Bank. It is a full service bank delivering the broadest range of products for its customers, with an emphasis on unique and personalised service. Noor Bank is governed by a Shari'a board, comprising leading Islamic scholars with extensive experience and expertise in legal, financial and banking-related matters. Noor Bank is rated "A-" IDR with a stable outlook by Fitch Ratings. The corporate shareholders of the Bank are the Office of the Crown Prince of Dubai (25.73%), the Investment Corporation of Dubai (22.71%) and the Emirates Investment Authority (4.7%).  The remaining shares are beneficially held by individuals who each own less than 5% of Noor Bank. 

For further details, please visit: www.noorbank.com or call 800 6667.

© Press Release 2015