Emirates Islamic lists $750m sukuk on Nasdaq Dubai

23/06/2016 01:30 AST

Hesham Abdulla Al Qassim, Chairman of Emirates Islamic and Vice Chairman and Managing Director of Emirates NBD Group, rang the market-opening bell on Wednesday to celebrate the listing by the bank of a $750 million Sukuk on Nasdaq Dubai.

The nominal value of Sukuk currently listed on Nasdaq Dubai has reached $41.81 billion, the largest total of any exchange in the world. Total current Sukuk listings on Dubai exchanges stand at US$44.56 billion, more than any other listing centre.

The bell-ringing ceremony was held in the presence of Essa Kazim, Governor of Dubai International Financial Centre, DIFC, Secretary General of Dubai Islamic Economy Development Centre, DIEDC, and Chairman of Dubai Financial Market, DFM, Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, Jamal Bin Ghalaita, Chief Executive Officer of Emirates Islamic, and Hamed Ali, Chief Executive of Nasdaq Dubai.

Speaking at the ceremony, Essa Kazim said, “Emirates Islamic’s Sukuk underlines Dubai’s expanding leadership role in all aspects of the Sukuk sector, ranging from Sharia compliance and structuring to issuance and listing. Dubai’s exchanges are further enhancing their commercial and regulatory infrastructure in order to provide effective solutions for regional and international issuers who wish to raise capital through the Islamic financial markets and gain high visibility for their securities.”

The Sukuk was listed on Nasdaq Dubai on June 1st, 2016. Hesham Abdulla Al Qassim, Chairman of Emirates Islamic and Vice Chairman and Managing Director of Emirates NBD Group, said, “As one of the leading Islamic financial institutions in the UAE, Emirates Islamic is committed to strengthening the development of Dubai as the global Capital of the Islamic Economy in line with the initiative launched by Vice President and Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed Bin Rashid Al Maktoum.

Our latest Sukuk received strong interest from across the GCC, Europe and Asia, reflecting Emirates Islamic’s successful track record of profitability and expansion.

The Gulf Today