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Emirates Islamic lists $500m Sukuk on Nasdaq Dubai

Emirates Islamic lists $500m Sukuk on Nasdaq Dubai
The Sukuk issuance was 2.4 times oversubscribed
Emirates Islamic
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Dubai – Mubasher: Emirates Islamic Bank rang the bell to celebrate the listing of a $500 million Sukuk on Nasdaq Dubai, according to a press release on Tuesday.

The Sukuk issuance was 2.4 times oversubscribed, with a 1.827% profit which is the lowest rate for a Sukuk issued by a UAE bank for 10 years.

Rated A+ by Fitch Ratings, 41% of the Sukuk was issued to the investors in the Middle East and North Africa, 28% to Asia, 17% to the US, and 14% to Europe.

With the new Sukuk listing, the bank's current Sukuk value on Nasdaq Dubai reached $1.5 billion, following the two listings in 2016 valued at $750 million and $250 million.

The listing boosts Dubai’s position as the largest Sukuk venue in the Middle East with a total value of $73.99 billion.

The Chairman of Emirates Islamic and Vice Chairman and Managing Director of Emirates NBD, Hesham Abdulla Al Qassim, said: "Listing our Sukuk on Nasdaq Dubai, as the region’s international financial exchange, supports our links to investors globally and provides excellent visibility with a trusted regulatory structure."

Meanwhile, the Chairman of Nasdaq Dubai, Abdul Wahed Al Fahim, commented: "The Exchange’s Sukuk market has achieved significant expansion in 2020 with new listings so far totaling 11.9 billion US dollars, up 15% from 10.35 billion US dollars in the same period last year."