Dubai – Mubasher: Sharjah Islamic Bank CEO Mohammed Abdulla rang the opening bell to celebrate the listing of an AED 1.84 billion ($500 million) sukuk on Nasdaq Dubai.

The listing earmarks Dubai’s expansion as the global capital of Islamic economy and supports the bank’s expansion plans, the bank said in a statement.

Sukuk listings on the Dubai exchanges now total $28.96 billion.

“Nasdaq Dubai gives our listing global visibility from within our own country and the region … [and the] Sukuk listing by SIB, as one of the UAE and the region’s most respected Islamic institutions, underlines the rapid growth of the listed Islamic securities sector,” said the bank’s CEO.

The sukuk was 7.2 times oversubscribed, receiving around 120 orders amounting to $3.6 billion, the Islamic bank revealed, adding that the five-year notes were priced at a profit rate of 2.843% or 110 bps above prevailing five-year mid Swaps.

Banks and financial institutions made up the lion’s share of the offering with 59%, followed by fund managers and hedge funds with 33%, supranationals and central banks with 6% and others with 2%, Sharjah Islamic Bank said.

Around 63% of investors were from the Middle East, with Asia and Europe investors making up 23% and 14%, respectively.

The bell-ringing took place in the presence of Essa Kazim, the 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; Hamed Ali, CEO of Nasdaq Dubai; Ahmed Saad, deputy CEO of Sharjah Islamic Bank and Saeed Al Amiri, head of Investment Group of Sharjah Islamic Bank.