Monday, Apr 25, 2016
Dubai: Khalid Al Aboudi, Chief Executive Officer of Islamic Corporation for the Development of the Private Sector (ICD), on Monday 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, 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 Eisa 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.
“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,” Khiled Al Aboudi, Chief Executive Officer of ICD, said in a statement.
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.
“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,” Abdul Wahid Al Fahim, Chairman of Nasdaq Dubai, said.
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