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Nov 11 2013

RAK Capital Sukuk listed on Nasdaq Dubai

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.

“The highly successful Sukuk issued by the Emirate of Ras Al Khaimah via RAK Capital provides Sharia-compliant financing that will support the continuing sustainable economic development and infrastructure expansion in the emirate of Ras Al Khaimah. Our sole listing on Nasdaq Dubai, as an exchange in the UAE that operates to international standards, provides us with a first-class regulatory environment that is well respected regionally and internationally,” said Shaikh Omar Bin Saqr Al Qasimi, Executive Manager of the Investment and Development Office of Ras Al Khaimah.

“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.”

The total nominal value of Sukuk that have listed on Nasdaq Dubai and Dubai Financial Market ( DFM ) in 2013 so far has now reached $6.15 billion (Dh22.6 billion).

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.

Staff Report

Gulf News 2013. All rights reserved.


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