March 24, 2019

SIB trades $500 million Sukuk on Nasdaq Dubai

Mohammed Abdulla, Chief Executive Officer of Sharjah Islamic Bank, one of the UAEs most prominent Islamic financial institutions, rang the market opening bell today to celebrate the listing of a $500 million Sukuk on Nasdaq Dubai.

The listing supports the continuing expansion of SIBs Shariah-compliant financial activities through its networks across the country including personal and corporate banking as well as Investment banking and international services, on behalf of individual and institutional clients.

The Sukuk is SIBs third that is currently listed on Nasdaq Dubai, the regions international exchange, following two Sukuk listings of 500 million US dollars each that were listed by the bank in 2015 and 2016.

“SIBs listing adds further momentum to the successful initiative to position Dubai as the global Capital of the Islamic Economy, launched in 2013 by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minster, and Ruler of Dubai. Dubai looks forward to welcoming many more regional and international Sukuk issuances from private and public issuers as the sector continues to expand as an effective vehicle for raising capital,” said Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai.

Dubai is the leading global centre for Sukuk listings by value, currently totalling $59.72 billion.

Hamed Ali, Chief Executive of Nasdaq Dubai, said that SIBs Sukuk listing underlines the close and mutually beneficial connections that the exchange enjoys with leading UAE and overseas Shariah-compliant financial institutions. Nasdaq Dubai is committed to further enhancing its Sukuk listing procedures and framework, to ensure streamlined access to the exchange for issuers and effective support post-listing.

SIBs latest $500 million US dollar listing took place on 18 April 2018.

Original Article

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