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Noor Bank rings bell for $500m sukuk on Nasdaq Dubai

Noor Bank rings bell for $500m sukuk on Nasdaq Dubai
Noor Bank CEO rings bell at NASDAQ dubai

Dubai – Mubasher:  Hussain Al Qemzi, Noor Bank CEO, rang the market-opening bell on Tuesday to celebrate the listing of $500 million sukuk on Nasdaq Dubai.

The Sukuk, which are the first to be issued by Noor Bank, stress Dubai’s established expertise in the Islamic bond sector, the emirate’s path to become the global capital of the Islamic economy.

“Dubai’s exchanges have attracted 31 sukuk listings since the start of 2014,” a statement has revealed.

The bell-ringing ceremony was attended by Essa Kazim, governor of Dubai International Financial Centre (DIFC), secretary general of Dubai Islamic Economy Development Centre (DIEDC) and chairman of DFM; Abdul Wahed Al Fahim, chairman of Nasdaq Dubai; and Hamed Ali, CEO of Nasdaq Dubai.

“[Noor Bank is] pleased to become one of the lowest priced FI Sukuk issuers to be listed on Nasdaq. Our growing stature as an Islamic institution with worldwide reach is well supported by our listing on the international exchange located in our home region,” said Noor Bank’s CEO Hussain Al Qemzi.

 “The bank succeeded in printing its debut Sukuk at one of the lowest yields paid by any UAE Sukuk issuer. The issue received a strong response and was oversubscribed 4.3 times,” a statement by the DFM revealed, adding that over 45% of the issuance was allocated to European and Asian investors, with the rest going to Middle East-based investors. The Sukuk was listed on the exchange on 29 April, 2015.