Noor Bank lists sukuk on Nasdaq Dubai
dubai — Noor Bank on Wednesday rang the market-opening bell on Nasdaq Dubai to celebrate the listing of a $500 million sukuk on the exchange.
Listed on April 24, 2018, Noor Bank’s $500 million sukuk is a 5-year instrument that was oversubscribed 2.1 times following a successful international roadshow. It is Noor Bank’s third sukuk to be hosted by the region’s international exchange, following two listings of $500 million each in 2015 and 2016.
The bell-ringing was attended by Essa Kazim, Governor of Dubai International Financial Centre (DIFC), secretary-general of Dubai Islamic Economy Development Centre (DIEDC), Chairman of Dubai Finan- cial Market (DFM), and vicechairman of Noor Bank; as well as Hamed Ali, chief executive of Nasdaq Dubai, and senior Noor Bank executives.
Noor Bank has arranged more than $64 billion’ worth of syndication and capital market transactions since 2008. The capital raised through this latest sukuk supports the bank’s continuing rapid growth as a fully scalable universal Islamic bank across the UAE active in a wide range of products and services including retail, corporate and investment banking as well as treasury and insurance.
John Iossifidis, chief executive officer of Noor Bank, said the capital we successfully raised in a competitive funding environment substantially diversifies our investor base.
“The proceeds will contribute to Noor Bank’s strategy of expanding and developing its core business areas
Our listing provides our sukuk with global visibility and an internationally recognised regulatory framework John Iossifidis, CEO, Noor Bank
aligned to the vision of the UAE and Dubai.”
Essa Kazim said the streamlined issuance and listing of Noor Bank’s latest sukuk demonstrates the strength and depth of expertise and commitment in Dubai to the Islamic bond sector, as well as the policy of the Emirate’s leading entities to work together for the common good.
“Dubai will continue to develop its expertise in this field in line with its growth as the global Capital of the Islamic Economy under the initiative launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.”
Noor Bank’s sukuk listing underlines Dubai’s role as the largest global centre for sukuk listings by value, currently totalling $59.72 billion.
Abdul Wahed Al Fahim, chairman of Nasdaq Dubai, said this listing by a leading UAE financial services company provides further evidence of strong activity in the Sukuk sector, with 10 listings so far this year on Nasdaq Dubai from UAE and international issuers, valued at a total of $8.75 billion.
“Nasdaq Dubai will further enhance its infrastructure in order to provide a competitive and flexible listing environment that meets issuers’ evolving requirements.”