John C Tsang, Financial Secretary of Hong Kong, rings bell to celebrate listing of Sukuk valued at AED 3.67 billion on NASDAQ Dubai
Mohammed Al Gergawi: Hong Kong’s Sukuk strengthens Dubai’s position as global Capital of Islamic Economy
- Hong Kong chooses Dubai to increase its first Islamic bond’s visibility globally and regionally
- Islamic Economy Development Centre welcomes listing as reinforcement of Dubai’s role as international centre for Sukuk
Dubai, December 11, 2014 – John C Tsang, the Financial Secretary of Hong Kong,today rang the market bell to celebrate the listing of a one billion dollar (AED 3.67 billion) Sukuk (Islamic bond) originated by the Government of the Hong Kong Special Administrative Region of the People’s Republic of China (the HKSAR Government).
This is the first Sukuk originated by the HKSAR Government and its choice of Dubai as one of the listing venues adds further momentum to the Emirate’s rapid growth as the global Capital of the Islamic Economy. Dubai is one of the top three listing venues in the world for Sukuk, with a currently listed nominal value of 24.05 billion dollars.
The bell ceremony took place in the presence of His Excellency Mohammed Abdulla Al Gergawi, Chairman of the Executive Office of His Highness Sheikh Mohammed Bin Rashid Al Maktoum and Chairman of the Board, Dubai Islamic Economy Development Centre (DIEDC); His Excellency Essa Kazim, Secretary General of DIEDC and Chairman of Dubai Financial Market (DFM); other executives of DIEDC; a delegation of senior HKSAR Government officials; and Hong Kong business executives as well as executives of NASDAQ Dubai and DFM.
His Excellency Mohammed Abdulla Al Gergawi, Chairman of the Board, Dubai Islamic Economy Development Centre, said: “Our expanding links with Hong Kong underline Dubai’s role as a dynamic international financial centre that attracts active participation from around the world. This substantial listing reinforces the growing role of Dubai on the map of the global Islamic Economy in line with the initiative launched in 2013 by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE and Ruler of Dubai, and overseen by His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, the Crown Prince of Dubai.”
John C Tsang, the Financial Secretary of Hong Kong, said: “We are delighted to list our first Sukuk in Dubai to benefit from its world class exchange infrastructure and close links with investors in the MENA region and beyond. We are very pleased to see strong demand for the Sukuk from Middle East investors and hope to encourage more issuers and investors from the Middle East to participate in Hong Kong’s financial market. Hong Kong looks forward to expanding its capital markets connections with the UAE and other MENA countries, as part of a growing trend of international cooperation and collaboration.”
His Excellency Essa Kazim, Secretary General of Dubai Islamic Economy Development Centre and Chairman of DFM,said: “Hong Kong’s Sukuk has added new impetus to the growth of Islamic finance around the world, as Sharia’a-compliant solutions prove increasingly attractive to an expanding range of market participants. Dubai will continue to strengthen its role as the leading listing venue for Sukuk issued by corporate as well as sovereign issuers seeking high visibility among investors.”
A total of 14.15 billion dollars of Sukuk have listed on Dubai’s exchanges so far in 2014, up 107% from 6.85 billion dollars in 2013.
Abdul Wahed Al Fahim, Chairman of NASDAQ Dubai, said: “The exchange is committed to further strengthening its international links to both issuers and investors, in line with its mission to build new capital markets connections between our region and Asia as well as the rest of the world. NASDAQ Dubai’s leading role in promoting Islamic finance will continue to provide new opportunities for all market participants.”
Hamed Ali, Chief Executive of NASDAQ Dubai, said: “NASDAQ Dubai looks forward to further listings in a range of asset classes, both Islamic and conventional, as it strengthens its position in the international financial arena. The exchange is well placed to satisfy the capital-raising needs of a wide range of issuers in the region and around the world.
Hong Kong’s Sukuk listed on NASDAQ Dubai on September 21st 2014.