Dubai
Ahmad Saad, Deputy CEO of Sharjah Islamic Bank (SIB), rang the opening bell today to celebrate the listing of a $500 million (Dh1.84 billion) Sukuk on Nasdaq Dubai.
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.
“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,” Ahmad Saad, Deputy Chief Executive Officer of SIB, said in a statement.
The bell-ringing took place in the presence of Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai and Hamed Ali, Chief Executive of Nasdaq Dubai; and senior executives of SIB.
“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,” Al Fahim said.
“As the leading exchange for Sukuk, Nasdaq Dubai provides an environment that is dedicated to meeting the requirements of issuers and investors both before and after listing. We will continue to introduce new initiatives to support the sector and look forward to welcoming many more regional and international Sukuk issuances,” said Ali.
