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Majid Al Futtaim Holding lists $400m sukuk on Nasdaq Dubai

The listing brings total value of new sukuk listings in Dubai this year to $4.4b

Gulf News

Dubai: Majid Al Futtaim Holding on Monday listed sukuk on Nasdaq Dubai as Eyad Malas, Chief Executive of Majid Al Futtaim Holding, rang the opening bell at Dubai Financial Market (DFM) to celebrate the listing.

The listing of Majid Al Futtaim’s $400 million sukuk, which took place in July, brought the nominal value of sukuk listed on Dubai’s exchanges to $11.08 billion, the third largest total in the world, DFM said in a statement, adding that it was the sixth listing of 2013 and brought the total value of new sukuk listings in Dubai this year to $4.4 billion.

“Dubai’s exchanges will continue to expand their range of Islamic finance listings and solutions, with sukuk at the forefront of development and innovation. The listing of Majid Al Futtaim’s sukuk further demonstrates the ability of Dubai’s financial markets to meet the regulatory and visibility requirements of leading multinational companies,” Eisa Kazim, Managing Director and Chief Executive of Dubai Financial Market (DFM) and Secretary General of the Higher Committee, said in a statement.

Malas added that Dubai’s expansion as a globally recognised centre for Islamic securities in particular makes the exchange a natural choice for the company’s sukuk.

Global Sukuk issuance reached $28 billion in the second quarter of 2013, marking an increase of 14.6 per cent from $24.4 billion in the same quarter of 2012, according to Zawya, as stated by DFM.

Officials present at the ceremony included Mohammad Abdullah Al Gergawi, Chairman of The Executive Office of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, UAE Vice-President and Prime Minister and Ruler of Dubai, and Chairman of the Higher Committee for Development of the Islamic Economy sector; Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai; and Daniele Vecchi, senior vice-president, Group Treasury, Majid Al Futtaim Holding, among others.

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