Nasdaq Dubai welcomes DIB’s sukuk

Business Bureau, Gulf Today

Nasdaq Dubai welcomed the listing on Tuesday of a $300 million sukuk issued by Dubai Islamic Bank (DIB). The issuance was a tap on a one billion US dollar sukuk that listed on Nasdaq Dubai on June 16th, 2020. DIB earmarked the funds raised 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 region’s international exchange with a total of $6.3 billion including the latest 300 million US dollar listing.

Dubai is one of the largest centres for sukuk listings in the world with a total listed value now standing at $71.09 billion. By value 43 per cent of the listings are from UAE issuers and 57 per cent from overseas issuers.

Nasdaq Dubai is the international financial exchange serving the region between Western Europe and East Asia. It welcomes regional as well as global issuers that seek regional and international investment. The exchange currently lists shares, derivatives, Sukuk (Islamic bonds), conventional bonds and Real Estate Investment Trusts (REITS).

The majority shareholder of Nasdaq Dubai is Dubai Financial Market with a two-thirds stake. Borse Dubai owns one third of the shares. The regulator of Nasdaq Dubai is the Dubai Financial Services Authority (DFSA). Nasdaq Dubai is located in the Dubai International Financial Centre (DIFC).

Meanwhile the Nasdaq Dubai welcomed the listing of a $1.5 billion sukuk issued by Islamic Development Bank (IsDB) to support COVID-19 relief initiatives. The capital raised will fund medical, social and business projects in many of the bank’s 57 member countries aimed at protecting health and improving lives.