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Jebel Ali Free Zone FZE lists its first Sukuk of 7.5 Billion dirhams on DIFX

PUBLISHED ON 07-Dec-2007
Jebel Ali Free Zone FZE lists its first Sukuk of 7.5 Billion dirhams on DIFX
Jebel Ali Free Zone FZE (JAFZ) has listed a 7.5 billion UAE dirham (U.S.$ 2.04 billion) Sukuk on the Dubai International Financial Exchange (DIFX). The JAFZ Sukuk listing confirms the exchange's status as the largest in the world for Islamic bonds.

It is the first listing of any security on the DIFX in a currency other than U.S. dollars.

Salma Hareb, CEO of JAFZ said: "This is the first Sukuk to be issued by JAFZ and its listing on the DIFX, as the region's international exchange, gives us an excellent visibility in the international as well as the regional marketplace. We experienced strong interest in the Sukuk from regional and international investors-

The Sukuk certificates were issued by JAFZ Sukuk Limited and were sold to investors in the Middle East, Asia and Europe. The certificates have been rated A1 by Moody's and A+ by Standard & Poor's.

Per E. Larsson, Chief Executive of the DIFX, said: "This listing underlines the DIFX's status as a listing venue for major Sukuk offerings issued by substantial public and private organisations, whether local, regional or international. As the international exchange serving this region, the DIFX provides issuers with a well regulated and internationally known platform-

Hamed Ali, Executive Officer of the DIFX, said: "Sukuk are growing in popularity with issuers and investors around the world. The number of issues in the first nine months of 2007 totaled 103, an increase of 25% from the same period in 2006-
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