16 Jun, 2020Nasdaq Dubai welcomes listing of USD one billion Sukuk by Dubai Islamic Bank

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  • Capital raised underpins DIB’s measures to support customers in challenging market conditions

  • Listing underlines Dubai’s attractiveness as a leading global centre for Sukuk with USD 66.3 billion total listed value

Nasdaq Dubai, the region’s international financial exchange, welcomed the listing today of a one billion US dollar Sukuk by Dubai Islamic Bank, the largest Islamic bank in the UAE.

The Sukuk was nearly 4.5 times subscribed with a profit rate of 2.95 per cent per annum, with nearly 50% of investor interest coming from outside the MENA region. The capital raised underpins DIB’s measures to support its customers and the business community as economies start to overcome challenging market conditions.

DIB is the leading UAE-based Sukuk issuer by value on the exchange with a total of sixbillion US dollars from seven instruments including the latest listing.

Dr. Adnan Chilwan, Group Chief Executive of DIB, said: "

"In line with the effective policies of the UAE leadership, we will continue to support

His Excellency Essa Kazim, Governor of DIFC, Secretary General of Dubai Islamic Economy Development Centre (DIEDC) and Chairman of Dubai Financial Market (DFM), said: "This new listing by Dubai Islamic Bank underlines the ability of UAE capital markets institutions to collaborate successfully as the country’s economy become more active. Dubai will maintain its expansion as the global capital of the Islamic economy under the initiative launched by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minster, and Ruler of Dubai."

Dubai is one of the largest centres for Sukuk listings in the world with a total listed value now standing at 66.3 billion US dollars.

Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said: "The deep and longstanding relationship between Nasdaq Dubai and DIB will continue to provide important benefits to investors and promote economic well-being in the UAE and overseas. The issuance and listing of DIB’s Sukuk reflects the further development of the Sukuk market as an effective means of raising capital from regional and global investors."

Hamed Ali, Chief Executive of Nasdaq Dubai, said: "We are delighted to support DIB’s important activities as one of the UAE’s leading banks operating successfully across many areas of Islamic financing. DIB’s expertise, experience and close ties to the business community make the bank an important partner for the exchange as we further increase our commitment to the Sharia’a-compliant capital markets."