Dubai: Citi's Global Transaction Services business yesterday announced that Citi Issuer Services has been appointed the issuing and paying agent for the first sukuk to be cleared through the central securities depositary (CSD) of Nasdaq Dubai. The $100 million (Dh367 million) sukuk, issued by the International Finance Corporation (IFC) was listed last November 4.
Nasdaq Dubai now has 22 listed sukuk with a nominal value of $17.2 billion. The sukuk issued by IFC, which is part of the World Bank Group, is the first one that uses the Nasdaq Dubai CSD to hold its securities.
Steve Donovan, Head of Global Transaction Services, Middle East and Pak-istan said, "As a leading global issuing and paying agent, Citi is thrilled to be extending these services for the first time through the Nasdaq Dubai CSD in this landmark deal. The listing and clearing of the IFC sukuk is a significant step forward in the further development of Dubai and the Middle East as a centre of excellence for the clearing, settlement and custody of debt securities. Additionally, the inclusion of this new domestic market to the Issuer Services suite of domestic capabilities underscores the growing recognition of our Securities and Funds Services business in the Middle East and our ongoing commitment to the region."
Jeff Singer, Chief Executive of Nasdaq Dubai, said, "As Dubai expands as a centre of Islamic finance, Nasdaq Dubai looks forward to listing more sukuk and supporting these through its CSD. The successful handling of the IFC sukuk demonstrates the efficiency and cost effectiveness of the exchange's CSD framework."
