Thursday, 3 November 2016

Sharjah Islamic Bank lists $500m sukuk on Nasdaq Dubai

Sharjah Islamic Bank’s (SIB) $500 million sukuk was listed on Nasdaq Dubai today.

Ahmad Saad, Deputy CEO of SIB, rang the opening bell to celebrate the listing.

The listing adds further momentum to Dubai’s growth as the global capital of the Islamic economy and underlines Nasdaq Dubai’s stature as the largest exchange in the world for sukuk listings by value, currently standing at $43 billion.

The bell-ringing took place in the presence of Abdul Wahed Al Fahim, chairman of Nasdaq Dubai, and Hamed Ali, chief executive; and senior executives of SIB.   

Saad said: “Our listing on the region’s international exchange supports our visibility among global and regional investors as well as providing first class regulatory standards. The sukuk was issued on September 8, 2016 and was oversubscribed by 3.2 times. It follows two earlier Sukuk listings by SIB on Nasdaq Dubai in April 2013 and April 2015, each of $500 million.”

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 listing demonstrates the continuing growth of Dubai as the global capital of the Islamic economy, under the initiative launched in 2013 by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minster, and Ruler of Dubai. This expansion is supported by the UAE’s long tradition of pioneering the development of Islamic finance and the depth of its expertise in the Sharia’a-compliant capital markets sector. ”

Abdul Wahed Al Fahim, chairman of Nasdaq Dubai, said: “SIB’s listing underlines the close and mutually beneficial connections that the exchange enjoys with leading Islamic financial institutions. Nasdaq Dubai is committed to further enhancing its Sukuk listing procedures and framework, to ensure streamlined access to the exchange for issuers.” 

SOURCE: TradeArabia News Service/3 Nov 2016

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