Hong Kong boosts Dubai’s Islamic capital bid

16/09/2014 11:35 AST

Dubai’s bid to become the global Islamic finance capital is gaining strength, with the Government of Hong Kong deciding to list its sukuk bonds on NASDAQ Dubai.

In its first issue of Islamic securities, Hong Kong has sold $1 billion worth of sovereign bonds, although it actually attracted orders of up to $5bn.

The notes, which will be US dollar-dominated and valid for five years, have been issued with a profit rate of just two-plus per cent. As such, a majority of bonds has been purchased by institutional investors from Asia (47 per cent), followed by the Middle East (36 per cent), the US (11 per cent) and Europe (six per cent), according to a government statement.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, was quoted by UAE news agency WAM as saying: “We are pleased to have worked with Hong Kong on this important issue and delighted that it has attracted such strong demand. We look forward to closer working relations with Hong Kong in developing global Islamic financial products.”

Moreover, having secured the world’s first dollar-dominated sukuk to be issued by an AAA-rated state, Dubai is clearly making significant steps towards establishing itself as a key hub for Islamic finance.


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