DIB celebrates $1b sukuk on Nasdaq Dubai
dubai — Dubai Islamic Bank (DIB) on Wednesday celebrated listing of its $1 billion sukuk on Nasdaq Dubai, with DIB deputy chief executive Mohamed Abdulla Al Nahdi ringing the opening bell.
DIB’s sukuk listing raises the total value of all sukuk listed on Nasdaq Dubai to $45.06 billion, further strengthening the exchange’s position as the world’s largest exchange for sukuk listings by value.
The listing, carried out under DIB’s $5 billion sukuk programme, was the largest senior sukuk issuance by a financial institution globally. It brings the total value of DIB’s current sukuk listings on Nasdaq Dubai to $4.25 billion, more than any other UAE issuer. “As a leading Islamic bank, we are committed to promoting successful Shariah-compliant financing solutions that support economic development in Dubai and the growth of its Islamic finance infrastructure,” DIB chief executive Dr Adnan Chilwan said. He said Nasdaq Dubai not only “provides us with excellent links to investors both regionally and globally”, but also strong visibility in the marketplace with a well-regulated listing platform.
The bell-ringing took place in the presence of Nasdaq Dubai chairman Abdul Wahed Al Fahim, Nasdaq Dubai CEO Hamed Ali and senior Nasdaq Dubai and DIB executives.
Al Fahim said DIB is one of the key issuers on Nasdaq Dubai and our close relationship supports Dubai’s growth as the global capital of the Islamic economy.
“We are working to further strengthen our relationship with DIB as well as other regional and global Islamic finance institutions,” he added. DIB’s earlier sukuk listings on Nasdaq Dubai comprise a $1 billion listing in 2013, two listings worth $750 million and $1 billion in 2015 and $500 million last year.
“As we prepare for further growth in the sukuk sector regionally and globally, Nasdaq Dubai will constantly enhance its listing processes and links to investors. We aim to provide issuers with maximum flexibility and streamlined procedures before listing, as well as efficient post-listing infrastructure and visibility,” said Ali.
— business@khaleejtimes.com