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 emirate's leadership role in the Islamic bond sector.
Khaled Al Aboodi, chief executive officer of the 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 sukuk on Nasdaq Dubai.
The ceremony was attended by Essa Kazim, Governor of the Dubai International Financial Centre, secretary-general of the Dubai Islamic Economy Development Centre and chairman of the Dubai Financial Market; Abdul Wahed Al Fahim, chairman of Nasdaq Dubai; and Hamed Ali, chief executive officer 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," Al Aboodi said.
"Dubai is delighted to support the valuable activities of ICD by providing its capital markets infrastructure to host its sukuk. This listing by a prominent multilateral entity gives further impetus to Dubai's growth as the global capital of the Islamic economy, under the initiative launched by His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai," Kazim added.
The sukuk issued by ICD, the private sector arm of the Islamic Development Bank 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.
Al Fahim said: "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."
Ali said: "Our growing relationship with the IDB group demonstrates our commitment to serving Shariah-compliant issuers wherever they are based, providing visibility and close links with investors. We are also strengthening our ties with issuers around the world that are new entrants to the Islamic capital markets and will benefit from a relationship with the world's leading sukuk exchange.
(Khaleej Times News / 25 April 2016)
---Alfalah Consulting - Kuala Lumpur: www.alfalahconsulting.com
Islamic Investment Malaysia: www.islamic-invest-malaysia.com
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