Dr. Abdul Aziz AlHinai, Vice President (Finance) of the Islamic Development Bank (IDB), today rang the market opening bell to celebrate the listing of six Sukuk totalling 5.4 billion dollars (AED 19.8 billion) on NASDAQ Dubai, the Middle East’s international stock exchange.
The listings make the IDB the largest Sukuk issuer on NASDAQ Dubai by value and add significant momentum to Dubai’s expansion as the capital of the Islamic Economy globally, in line with the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai.
The bell-ringing ceremony at Dubai Financial Market (DFM) took place in the presence of His Excellency Mohammed Abdulla Al Gergawi, Chairman of The Executive Office of His Highness Sheikh Mohammed Bin Rashid Al Maktoum and Chairman of the Board, Dubai Islamic Economy Development Centre; His Excellency Essa Kazim, Chairman of DFM and Secretary General of the Dubai Islamic Economy Development Centre; Abdul Wahed Al Fahim, Chairman of NASDAQ Dubai; and Hamed Ali, Chief Executive of NASDAQ Dubai.
His Excellency Mohammed Abdulla Al Gergawi, Chairman of the Board, Dubai Islamic Economy Development Centre said: “The IDB’s international importance and the substantial size of its Sukuk make the listings a landmark in the growth of Dubai as the capital of the Islamic economy globally, in line with the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai, to position Dubai as the global capital of the Islamic Economy, under the direction of His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council. Dubai’s strategic relationship with the IDB will strengthen the growth of Islamic finance regionally and internationally, bringing widespread social and economic benefits.”
Dr. Abdul Aziz AlHinai, Vice President (Finance) of the Islamic Development Bank (IDB) said: “By operating a sophisticated listing venue regulated to international standards in which investors can have full confidence, Dubai is providing important support for the positive work carried out by the IDB across scores of countries. The Bank looks forward to listing further Sukuk valued at billions of dollars on NASDAQ Dubai, when these are issued in due course to provide funding for further development projects and activities.”
The six listed Sukuk were issued under a 10 billion dollar programme created by the IDB, which provides project financing for 56 member countries. The programme has been approved by NASDAQ Dubai and its regulator, the Dubai Financial Services Authority (DFSA).
His Excellency Essa Kazim, Chairman of Dubai Financial Market (DFM) and Secretary General of Dubai Islamic Economy Development Centre, said: “The IDB’s Sukuk listings reflect Dubai’s commitment to further expanding its Islamic finance sector, which will include attracting more issuances of Sukuk and other asset classes from both the public and private sectors, as well as offering new services to issuers and investors. In 2014 and beyond, Dubai will prove an
increasingly attractive capital markets base for Islamic companies and organisations that are active internationally as well as in the region.”
Sukuk with a value of 12.55 billion dollars have listed on Dubai’s exchanges since the beginning of 2013. The total value of Sukuk currently listed in Dubai is 18.98 billion dollars, making it the third largest venue in the world for Sukuk listings.
Abdul Wahed Al Fahim, Chairman of NASDAQ Dubai, said: “NASDAQ Dubai welcomes the opportunity to host the Sukuk issued by the IDB as the bank expands its important development activities and we look forward to deepening and broadening our relationship. The exchange aims to develop the world’s most competitive Sukuk admissions framework and infrastructure in order to further strengthen its position in the marketplace.”
Five of the IDB’s Sukuk were issued between 2009 and 2013 and listed on NASDAQ Dubai in February 2014. The sixth Sukuk listed on the exchange after being issued earlier this month.