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| 16 May, 2018

Noor Bank lists $500mln Sukuk on Nasdaq Dubai

Noor Bank’s Sukuk listing underlines Dubai’s role as the largest global centre for Sukuk listings by value, currently totalling $59.72bln

Noor Bank’s Head Office picture at Emaar Square.

Noor Bank’s Head Office picture at Emaar Square.

Noor Bank/ / Handout via Thomson Reuters Projects

DUBAI - Noor Bank today welcomed the listing of $500 Sukuk on Nasdaq Dubai.

The capital raised supports Noor Bank’s continuing rapid growth as a fully scalable universal Islamic bank across the UAE active in a wide range of products and services including retail, corporate and investment banking as well as treasury and insurance. Dubai-based Noor Bank has arranged more than US$64 billion worth of syndication and capital market transactions since 2008.

Listed on 24th April, 2018, Noor Bank’s US$500 million Sukuk is a five-year instrument that was oversubscribed 2.1 times following a successful international roadshow. It is Noor Bank’s third Sukuk to be hosted by the region’s international exchange, following two listings of US$500 million each in 2015 and 2016.

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The bell-ringing was attended by John Iossifidis, Chief Executive Officer of Noor Bank; Essa Kazim, Governor of Dubai International Financial Centre, Secretary-General of Dubai Islamic Economy Development Centre, Chairman of Dubai Financial Market, and Vice Chairman of Noor Bank; as well as Hamed Ali, Chief Executive of Nasdaq Dubai, and senior Noor Bank executives.

Commenting on the announcement, Iossifidis, said, "The capital we successfully raised in a competitive funding environment substantially diversifies our investor base. The proceeds will contribute to Noor Bank’s strategy of expanding and developing its core business areas aligned to the vision of the UAE and Dubai. Our listing on Nasdaq Dubai provides our Sukuk with global visibility and an internationally recognised regulatory framework from within the Emirate where we are based."

In turn, Kazim said, "The streamlined issuance and listing of Noor Bank’s latest Sukuk demonstrates the strength and depth of expertise and commitment in Dubai to the Islamic bond sector, as well as the policy of the Emirate’s leading entities to work together for the common good. Dubai will continue to develop its expertise in this field in line with its growth as the global capital of the Islamic Economy under the initiative launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister and Ruler of Dubai."

Noor Bank’s Sukuk listing underlines Dubai’s role as the largest global centre for Sukuk listings by value, currently totalling US$59.72 billion.

© Copyright Emirates News Agency (WAM) 2018.