10/05/2018 06:48 AST

Nasdaq Dubai today welcomed the listing of $500 million sukuk by the Sharjah Islamic Bank, the third listing by the Emirati lender on the region’s international exchange.

The new sukuk is SIB’s third listing on Nasdaq Dubai following two Sukuk listings of US$500 million each by the bank in 2015 and 2016, said a statement from the bank.

The listing supports the continuing expansion of SIB’s Sharia’a-compliant financial activities through its networks across the country including personal and corporate banking as well as investment banking and international services, on behalf of individual and institutional clients, it stated.

CEO Mohammed Abdulla said: "The strong investor interest from the Middle East, Europe and Asia in our latest sukuk demonstrates continuing regional and international confidence in SIB credit as we develop and expand our suite of services for a wide range of customers."

"We were able to achieve our pricing objectives as well as funding diversification strategies in a competitive market for issuers. Our listing on Nasdaq Dubai, as the region’s international exchange and globally leading venue for sukuk listings, supports our international visibility well as providing first class regulatory standards," he added.

Nasdaq Dubai Chairman Abdul Wahed Al Fahim said: "SIB’s listing adds further momentum to the successful initiative to position Dubai as the global Capital of the Islamic Economy, launched in 2013 by HH Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister and Ruler of Dubai."

"Dubai looks forward to welcoming many more regional and international Sukuk issuances from private and public issuers as the sector continues to expand as an effective vehicle for raising capital," he added.-

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