Nasdaq Dubai welcomes listing of $500mln Sukuk by Sharjah Islamic Bank

The five-year Sukuk was subscribed 7.2 times by regional and international investors with 150 investors showing their interest

  

DUBAI - Nasdaq Dubai today welcomed the listing of a US$500 million Sukuk by Sharjah Islamic Bank, SIB. The capital raised will support SIB’s activities and strategic development to cater to its customers in corporate, investment and retail banking.

In a statement on Wednesday, Nasdaq Dubai said that the five-year Sukuk was subscribed 7.2 times by regional and international investors with 150 investors showing their interest. "It brings the total value of SIB Sukuk listings on Nasdaq Dubai to $2 billion following listings of $500 million each in 2016, 2018 and 2019," it added.

Mohammed Abdulla, Chief Executive Officer of SIB said, "The very positive response from the market to our latest Sukuk reflects investors’ strong belief in SIB’s strategy as we develop our activities across all our areas of business for a wide range of businesses and individuals. Our listing on the region’s international exchange supports our visibility regionally and globally and reflects the leading role played by UAE financial institutions in collaborating to develop the Sharia’a-compliant Sukuk markets." Essa Kazim, Governor of Dubai International Financial Centre, Secretary General of Dubai Islamic Economy Development Centre, and Chairman of Dubai Financial Market said, "SIB’s successful listing on Nasdaq Dubai demonstrates the depth of Sukuk expertise and market knowledge in the UAE and the strength of its Islamic finance sector. The listing underlines the growth of Dubai as the global Capital of the Islamic Economy, under the initiative launched in by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai." SIB’s Sukuk brings the total value of Sukuk listed in Dubai to $69.29 billion, underlining the emirate’s status as one of the largest Sukuk listing centres in the world by value.

Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said, "We are delighted to welcome SIB as our eighth Sukuk listing so far this year and look forward to welcoming many more regional and international Islamic issuances during the course of 2020. We will strengthen our support for private and public issuers and investors who use the Sukuk asset class as an effective capital markets vehicle." Hamed Ali, Chief Executive of Nasdaq Dubai, said, "SIB’s Sukuk listing underlines the close collaboration and mutually beneficial connections that the exchange enjoys with prominent UAE and overseas Sharia’a-compliant issuers and investors. We are committed to providing an effective and high-profile listing platform for SIB as it develops its important services for institutions and individuals in the UAE and beyond." SIB’s latest $500 million Sukuk listed on Nasdaq Dubai on June 23rd, 2020.

© Copyright Emirates News Agency (WAM) 2020.

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