GulfBase Live Support
Dr. Zamir Iqbal, Vice President Finance and Chief Financial Officer of the Islamic Development Bank (IDB), rang the market-opening bell today to mark the listing of a $1.25 billion Sukuk on Nasdaq Dubai, the region's international financial exchange.
The listing supports the economic development and social advancement goals of IDB, an AAA-rated multilateral institution, whose activities include providing financing for development projects in line with Shari'ah'a principles to its 57 member countries. The geographical distribution of investors show strong demand for IDB Sukuk, where fifty-three per cent of the five-year Sukuk issuance was acquired by investors in the EMEA region, while 47 per cent went to investors based in Asia, with an annual return of 2.261 per cent.
The IDB is one of the largest Sukuk issuers on Nasdaq Dubai, with a current total of eight listings valued at $10.25 billion.
The bell-ringing ceremony was attended by Hamed Ali, the exchange's Chief Executive, as well as Azahari Bin Abd Kudus, Capital Markets Manager of the IDB.
Dr. Zamir Iqbal, Vice President Finance and Chief Financial Officer of the Islamic Development Bank, said: "As the IDB increases its support for member countries in sectors ranging from infrastructure and agriculture to schools and hospitals, it is critical for us to raise capital in a cost effective, efficient and timely manner. We appreciate the support of U.A.E. in helping us promoting development in member countries. Our listing on Nasdaq Dubai, as the region's international financial exchange and a leading venue for Islamic securities, is a testimony of investors’ confidence through its robust infrastructure and regulatory environment, and global network of market participants."
Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said: "IDB's latest Sukuk listing underlines its close relationship with Dubai and is another significant step in the growth of the Emirate as the global capital of the Islamic economy, in line with the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister, and Ruler of Dubai. We are delighted to make Dubai's Islamic capital markets infrastructure available to the IDB in order to facilitate its beneficial economic and social activities."
Dubai is a leading international centre for Sukuk activity, with Sukuk listings in the Emirate currently totalling $52.47 billion.
Hamed Ali, Chief Executive of Nasdaq Dubai, said: "As an established listing venue for Islamic securities issued by leading multilateral financial institutions, Nasdaq Dubai is delighted to welcome this latest Sukuk from the IDB as the bank continues its valuable work around the globe. We are preparing further initiatives to support the Sukuk sector and look forward to welcoming many more Sukuk issuances from a range of public and private sector institutions.”
Since its first Sukuk listing in 2005, Nasdaq Dubai has pursued an increasingly successful strategy to engage with leading Islamic financial institutions both regionally and internationally. The exchange is committed to further refining its Sukuk listing procedures and post-listing framework, to ensure it provides an effective platform for issuers and investors.
IDB's $1.25 billion Sukuk listing took place on 27 September, 2017.
Bahrain will go ahead with imposing a value-added tax (VAT) to strengthen state finances, Minister of Finance Sheikh Ahmed bin Mohammed Al Khalifa said on Wednesday, after domestic political oppositi
Times of Oman
The value of Oman’s non-oil exports touched OMR2,600.8 million in the first 10 months of 2017, 28.2 per cent up from the OMR2,028.4 million registered in the same January to October period of the pre
Times of Oman
With the fast growing economic cooperation between Qatar and Turkey, the bilateral trade volume between the two nations is expected to jump by manifold over the next few years. The current level of t
The GDP (gross domestic product) of Abu Dhabi grew by 5.3 per cent in the third quarter of 2017 compared to the same period during the previous year.
The GDP of the capital grew to Dh195.9
Saudi Arabia’s sovereign wealth fund is in talks to buy a 15 per cent stake in Accor SA’s property business in a transaction that could value the unit at about €6.2 billion (Dh2.7 billion, $7.64 bill