Dubai – MENA Herald: Dubai Islamic Bank (DIB) has listed its latest Sukuk with a value of 500 million US dollars on Nasdaq Dubai. This brings DIB’s total Sukuk listings on the region’s international exchange to 3.25 billion US dollars, underlining the rapid expansion of Dubai as the global capital of the Islamic Economy.

Dr. Adnan Chilwan, Group Chief Executive Officer, DIB said: “As the leading Islamic Bank in the country, we are committed to the economic development in Dubai and to promote the emirate’s growth and success in the field of Islamic finance. Given the challenging market conditions, it was critical to have a strong credit come in and successfully close a deal. As such, this transaction effectively marks the re-opening of the GCC financial sector debt capital markets after a hiatus of four months. Nasdaq Dubai provides us with both a well-regulated listing framework and excellent links to investors in our own region and globally as we continue to expand the scope of our investor base in the capital markets arena.”

HE Essa Kazim, Governor of Dubai International Financial Centre (DIFC) and Secretary General of Dubai Islamic Economy Development Centre (DIEDC), said: “Through their location in the heart of the Muslim world, Dubai’s Islamic capital markets are uniquely placed to expand in all aspects including issuance and listing. DIB’s prominence in both activities reinforces Dubai’s status as the leading centre for Sukuk and its growth 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.”

Following a total of seven Sukuk listings this year by regional and international issuers, the total value of Sukuk currently listed in Dubai has reached 42.61 billion dollars, the largest amount of any listing centre in the world.

Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said: “As a pioneer of Islamic finance and pillar of Dubai’s growth and prosperity, DIB is a key issuer on Nasdaq Dubai. Through their close cooperation, a range of government and semi-government institutions in Dubai as well as private companies are underpinning the growth of the Sharia’a-compliant financial markets in the region and internationally.”

Hamed Ali, Chief Executive of Nasdaq Dubai, said: “The Sukuk sector will continue to be a core focus for Nasdaq Dubai as we look forward to further listings in 2016 and beyond from a range of issuers. We are also developing further initiatives in the Islamic capital markets to provide innovative services designed to meet the evolving needs of market participants.”

DIB’s latest 500 million US dollar Sukuk listed on the exchange on March 31, 2016. DIB previously listed one Sukuk in 2013 and two in 2015.