ICD rings market bell to celebrate $300m sukuk listing

27/04/2016 05:10 AST

Khaled Al-Aboodi, CEO of Islamic Corporation for the Development of the Private Sector (ICD), Monday rang the market-opening bell to celebrate the listing of a $300 million sukuk on Nasdaq Dubai.

The total nominal value of sukuk currently listed in Dubai has now reached $42.61 billion, more than the value listed in any other center globally and reinforcing the Emirates leadership role in the Islamic bond sector.

The bell-ringing ceremony was attended by 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; and Hamed Ali, chief executive of Nasdaq Dubai. Al-Aboodi said: “By using the funds raised by this sukuk, we will further pursue our mission to provide financing and investment for a range of successful private enterprise projects in our member countries.”

Kazim said: “Dubai is delighted to support the valuable activities of ICD by providing its capital markets infrastructure to host its sukuk. This listing by a prominent multilateral entity gives further impetus to Dubai’s growth as the global capital of the Islamic economy, under the initiative launched by Sheikh Mohammed bin Rashid Al-Maktoum, UAE VP and prime minster, and ruler of Dubai.”

The sukuk issued by ICD, the private sector arm of the Islamic Development Bank (IDB) Group, was listed on April 14. IDB has seven other sukuk currently outstanding on Nasdaq Dubai that have listed since 2014, with a total nominal value of $ 8.05 billion.

Al-Fahim said: “The exchange looks forward to welcoming many more sukuk listings from international and regional bodies.”

Ali said: “Our growing relationship with the IDB group demonstrates our commitment to serving Shariah-compliant issuers wherever they are based, providing visibility and close links with investors.”

Arab News