Dubai – Mubasher: Islamic Development Bank’s (IDB) vice president of finance and chief financial officer Zamir Iqbal on Tuesday rang the market-opening bell for the listing of $1.25 billion sukuk on Nasdaq Dubai.
With a total of $10.25 billion through eight listings, the IDB is one of the largest sukuk issuers on Nasdaq Dubai.
"As the IDB increases its support for member countries in sectors ranging from infrastructure and agriculture to schools and hospitals, it is critical for us to raise capital in a cost effective, efficient and timely manner,” said Zamir Iqbal.
“Our listing on Nasdaq Dubai, as the region's international financial exchange and a leading venue for Islamic securities, is a testimony of investors’ confidence,” the top official added.
IDB’s sukuk were listed on the regional exchange on 27 September 2017.
Meanwhile, Nasdaq Dubai chairman Abdul Wahed Al Fahim commented that IDB's latest Islamic bond listing underscores the bank’s relationship with Dubai, marking another “significant step” in the emirate’s growth “as the global capital of the Islamic economy.”
Al Fahim stated that Nasdaq Dubai was ready to give IDB access to the infrastructure of Dubai's Islamic capital markets to “facilitate its beneficial economic and social activities”.
"We are preparing further initiatives to support the Sukuk sector and look forward to welcoming many more Sukuk issuances from a range of public and private sector institutions,” said Nasdaq Dubai’s CEO Hamed Ali.
IDB’s sukuk enjoy a high demand from a diverse group of investors, as 53% of the IDB’s sukuk were acquired by investors from Europe, the Middle East, and Africa, while investors in Asia acquired 47% of the sukuk.
Dubai is an international centre for sukuk activity with $52.47 billion in listed sukuk.