Api­corp lists $500 mil­lion sukuk on Nas­daq Dubai

The Pak Banker - - COMPANIES/BOSS -

Dr Aabed Al Saadoun, Chair­man of the Arab Pe­tro­leum In­vest­ments Cor­po­ra­tion (Api­corp), on Tues­day rang the mar­ket-open­ing bell to cel­e­brate the list­ing of a $500 mil­lion sukuk on Nas­daq Dubai.

The to­tal nom­i­nal value of sukuk cur­rently listed in Dubai has now reached $37.81 bil­lion, re­in­forc­ing its po­si­tion as the largest cen­tre in the world for Is­lamic bond list­ings.

The bell-ring­ing cer­e­mony was at­tended by Essa Kazim, Gov­er­nor of Dubai In­ter­na­tional Fi­nan­cial Cen­tre (DIFC), Sec­re­tary Gen­eral of Dubai Is­lamic Econ­omy De­vel­op­ment Cen­tre (DIEDC), and Chair­man of Dubai Fi­nan­cial Mar­ket (DFM); Dr Raed Al Rayes, Deputy Chief Ex­ec­u­tive and Gen­eral Man­ager, Api­corp, He­sham Farid, Head of Trea­sury and Cap­i­tal Mar­kets, Api­corp; and Hamed Ali, Chief Ex­ec­u­tive of Nas­daq Dubai.

Dr Aabed Al Saadoun said: "A list­ing on one of the Middle East's premier fi­nan­cial ex­changes pro­vides our in­au­gu­ral sukuk with global and re­gional vis­i­bil­ity, to­gether with world class regulation. As a mul­ti­lat­eral de­vel­op­ment bank ded­i­cated to sup­port­ing the en­ergy sec­tor with pri­or­ity given to Arab joint ven­tures that ben­e­fit the mem­bers' states, we look for­ward to mak­ing fur­ther use of Is­lamic fi­nanc­ing in­stru­ments to fund our ini­tia­tives for the ben­e­fit of Arab economies."

Api­corp's sukuk is the first to be is­sued un­der a $3 bil­lion sukuk pro­gramme that the bank an­nounced in July 2015, aimed at di­ver­si­fy­ing its fund­ing sources and re­duc­ing its over­all cost of fi­nanc­ing.

Essa Kazim said: "This list­ing by a re­gional bank that is ac­tive in many coun­tries demon­strates the suc­cess of Dubai's cap­i­tal mar­kets in pro­vid­ing a plat­form for is­suers well be­yond the UAE. Api­corp's sukuk un­der­lines Dubai's stature as the lead­ing cen­tre in the world for sukuk list­ings and its growth as the global Cap­i­tal of Is­lamic Econ­omy, un­der the ini­tia­tive launched in 2013 by His High­ness Shaikh Mo­hammed bin Rashid Al Mak­toum, Vice-Pres­i­dent and Prime Min­is­ter of the UAE and Ruler of Dubai."

Ab­dul Wa­hed Al Fahim, Chair­man of Nas­daq Dubai, said: "The ex­change is com­mit­ted to pro­vid­ing all our sukuk is­suers with a well reg­u­lated list­ing in­fra­struc­ture that ex­ceeds global stan­dards, pro­vid­ing con­fi­dence to in­vestors in the se­cu­ri­ties.

We will con­tinue to build our sukuk mar­ket through 2016 and be­yond with fur­ther is­suances from the UAE, the Mena re­gion, and in­ter­na­tional com­pa­nies and in­sti­tu­tions."

Hamed Ali said: "We will fur­ther en­hance our re­sponse times and pro­ce­dures to meet the com­mer­cial needs of sukuk is­suers in a dy­namic mar­ket en­vi­ron­ment. Our lo­ca­tion in Dubai po­si­tions the ex­change at the heart of an ex­pert com­mu­nity of Is­lamic fi­nance spe­cial­ists who are driv­ing ex­pan­sion and in­no­va­tion in the sukuk and wider Is­lamic fi­nance sec­tor."

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