Thursday 2, June 2016

Dubai – MENA Herald: Nasdaq Dubai welcomed the listing today of a USD 500 million dollar Sukuk by Noor Bank. It was the third Sukuk listing in the past two days on the Middle East’s international exchange, following the listings yesterday of a 1.2 billion US dollar Sukuk by DP World and a 750 million US dollar Sukuk by Emirates Islamic.

Noor Bank’s Sukuk is listed solely on Nasdaq Dubai and was the 11th Sukuk to list on the exchange this year, underlining Dubai’s stature as the leading venue for Islamic bonds as the asset class grows in popularity around the world among issuers and investors.

The total nominal value of the 57 Sukuk currently listed in Dubai is 44.56 billion US dollars, the largest sum of any centre in the world.

Hamed Ali, Chief Executive of Nasdaq Dubai, said: “Dubai provides issuers with a listing framework that is highly responsive to their commercial needs, combined with unrivalled visibility to regional and international investors. Our successful hosting of Noor Bank’s Sukuk as well as other recent listings underlines our commitment to helping the Islamic bond sector expand and prosper.”

International issuers that have listed Sukuk on Nasdaq Dubai earlier this year include Boubyan Bank of Kuwait, which celebrated yesterday by ringing the bell to open Nasdaq Dubai’s market, as well as Islamic Development Bank and the government of Indonesia.