Nasdaq Dubai welcomes listing of USD two billion Sukuk by Islamic Development Bank
Nasdaq Dubai welcomed the listing of a two billion US dollar Sukuk by Islamic Development Bank (IsDB), the multilateral lender which finances development across its 57 member countries.
The five-year Sukuk is the largest by value to be listed on the exchange by IsDB. The bank said it was priced at a profit rate of 1.809% payable on semi-annual basis. The Sukuk makes IsDB the leading Sukuk issuer by total value on Nasdaq Dubai at 15.64 billion US dollars.
The first of IsDB’s 12 current Sukuk listings on the exchange was a one billion US dollar instrument that listed in 2015. The other IsDB listings are three Sukuk of 1.5 billion US dollars each, a 1.3 billion US dollar Sukuk, four Sukuk of 1.25 billion US dollars each, a 650 million euro Sukuk and a 1.1 billion euro Sukuk.
IsDB’s activities across its member countries include building partnerships between governments, the private sector and civil society; increasing skills and knowledge sharing; focusing on science, technology and innovation led solutions to development challenges; promoting global development that is underpinned by Sharia-compliant sustainable financing structures; and fostering collaboration between its members nations to focus on the betterment of humanity.
Dubai is one of the largest centres globally for Sukuk listings by value at 68.355 billion US dollars.