Dubai emerges as the third global centre for sukuk

Dubai: Dubai is today the third global centre for Sukuk following the recent listing of $750 million (Dh2.8 billion) sukuk by the Government of Dubai, as well as plans by Hong Kong to list its first successful offering of $1 billion sukuk on Nasdaq Dubai, said Essa Kazim, Governor of Dubai International Financial Centre, Secretary General of the Board of Dubai Islamic Development Centre and Chairman of Dubai Financial Market, at the 10th World Islamic Economy Forum on Tuesday

“The sukuk market is likely to sustain double-digit growth in the next three years with assets in Islamic finance expected to reach $2.8 trillion by 2015,” he said.

Fuelled by the booming industries in the GCC region and Southeast Asia, the Islamic finance industry is booming and will double over the next five years to over $3.4 trillion, said.

“Islamic finance is a key pillar of Dubai’s Capital of Islamic Economy vision, and an area of expertise in Dubai’s finance sector. With the establishment of the Dubai Islamic Economy Development Centre in 2013, we have begun witnessing growth across the various sectors that represent Dubai’s strategy for an Islamic economy,” he said. “We are confident that new Islamic and non-Islamic sovereign issuers will continue to enter the market, as the call for an Islamic economy gains resonance.”