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IsDB's private arm lists $600m Sukuk on Nasdaq Dubai

IsDB's private arm lists $600m Sukuk on Nasdaq Dubai
The capital will also support the development of Islamic financing activities

Dubai - Mubasher: Nasdaq Dubai has welcomed the listing of a $600 million Sukuk by the Islamic Corporation for the Development of the Private Sector (ICD).

The raised capital from the five-year Sukuk will fund ICD’s development activities in its 55 member countries, including entrepreneurship, employment opportunities, and export potential, according to a press release on Monday.

The capital will also support the development of Islamic financing activities such as the debt and equity capital markets.

Oversubscribed around three times, the Sukuk was issued at 140 basis points over the mid-swaps rate.

The Sukuk has attracted orders from various investors from Europe, Asia, and the Middle East, with 4% of the issuance allocated to the UK and Europe, 21% to Asia, and 75% to the Middle East.

The new listing raises the total value of Sukuk listed in Dubai to $74.05 billion.

In 2016, ICD, the private sector arm of the Islamic Development Bank (IsDB), listed a $300 million Sukuk on Nasdaq Dubai.

Commenting on the listing, the CEO of ICD, Ayman Sejiny, said: "We received strong investor interest in our new Sukuk issuance from a wide range of constituencies including fund managers, commercial and private banks and central banks - demonstrating their confidence and support for ICD’s strategy and initiatives in promoting private sector activity."

Meanwhile, the Chairman of Nasdaq Dubai, Abdul Wahed Al Fahim, noted: "Nasdaq Dubai will continue to build critical mass in the Islamic capital markets sector, extending the scope and scale of the services that we offer to market participants."