MAF Holding lists $500m sukuk on Nasdaq Dubai

This brings value of sukuk listings carried out on the exchange during 2015 to $13.25b

Nasdaq Dubai said it has welcomed the listing on its market of a $500 million (Dh1.8 billion) sukuk issued by Majid Al Futtaim Holding, the leading shopping mall, retail and leisure pioneer across the Middle East and North Africa (Mena) region with assets worth more than $12.5 billion.

The listing brings the total value of sukuk listings carried out on the exchange this year to $13.25 billion, which is more than the total value that has listed during the year on the next three largest exchanges in the world combined.

“Majid Al Futtaim’s listing underlines Dubai’s position as the leading centre for Sukuk listings and its expansion as the global Capital of Islamic Economy. The emirate will continue to expand its range of Islamic finance solutions, with sukuk at the forefront of innovation and development.” Eisa Kazim, Governor of Dubai International Financial Centre (DIFC), said in a statement.

The sukuk is the second to be listed by Majid Al Futtaim on the exchange, following a $400 million listing in 2013.

“The capital raised by our sukuk will drive Majid Al Futtaim’s expansion and growth plans in new markets across the Mena region. Our listing on Nasdaq Dubai, as the region’s international exchange, enhances our sukuk’s visibility to regional as well as global investors and provides us with an efficient regulatory framework that operates to global standards,” Alain Bejjani, Chief Executive Officer, Majid Al Futtaim Holding said.