Wednesday, March 01, 2017 2.58PM / News
Mr Mohamed Abdulla Al Nahdi, Deputy Chief Executive of Dubai Islamic Bank (DIB), today rang the market-opening bell to celebrate the listing of a 1 billion US dollar Sukuk by DIB on Nasdaq Dubai.
The listing, carried out under DIB’s USD 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 USD 4.25 billion, more than any other UAE issuer.
DIB is the UAE’s largest Islamic bank and a pioneer globally in promoting Islamic financing solutions. This issuance carries the additional accolade of being the largest ever such transaction by an Islamic bank in the history of Islamic capital markets.
Dr. Adnan Chilwan, Group CEO, DIB said: “As a leading Islamic bank, we are committed to promoting successful Sharia’a-compliant financing solutions that support economic development in Dubai and the growth of its Islamic finance infrastructure. 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 Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, Hamed Ali, Chief Executive of Nasdaq Dubai, and senior Nasdaq Dubai and DIB executives.
The DIB Sukuk listing, which took place on February 15, 2017, raises the total value of all Sukuk listed on Nasdaq Dubai to 45.06 billion US dollars, further strengthening the exchange’s position as the world’s largest exchange for Sukuk listings by value.
Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, 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, under the initiative launched by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minster, and Ruler of Dubai. We are working to further strengthen our relationship with DIB as well as other regional and global Islamic finance institutions.”
Hamed Ali, Chief Executive of Nasdaq Dubai, said: “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.”
DIB’s earlier Sukuk listings on Nasdaq Dubai comprise a 1 billion USD listing in 2013, two listings in 2015 respectively of 750 million US dollars and 1 billion US dollars, and a listing in 2016 of 500 million US dollars.