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Monday, 18 April 2016

Dubai Islamic Bank lists $500m sukuk in Dubai

The new listing of Dubai Islamic Bank's (DIB) $500 million sukuk on Nasdaq Dubai has reinforced Dubai's position as an international leader for listed Islamic bonds with a total value of $42.61 billion.
With the latest sukuk, DIB's total Islamic bond listings on the region's international exchange reached $3.25 billion and shows the rapid expansion of Dubai as the global capital of Islamic economy.
DIB's $500 million sukuk listed on the exchange on March 31. DIB had previously listed one sukuk in 2013 and two in 2015.
Dr Adnan Chilwan, group CEO, DIB said: "We are committed to economic development in Dubai and to promote the emirate's growth and success in the field of Islamic finance. Given the challenging market conditions, it was critical to have a strong credit come in and successfully close a deal. As such, this transaction effectively marks the re-opening of the GCC financial sector debt capital markets after a hiatus of four months."
Essa Kazim, governor of Dubai International Financial Centre (DIFC) and secretary-general of Dubai Islamic Economy Development Centre (DIEDC), said: "Through their location in the heart of the Muslim world, Dubai's Islamic capital markets are uniquely placed to expand in all aspects, including issuance and listing. DIB's prominence in both activities reinforces Dubai's status as the leading centre for sukuk and its growth as the global capital of Islamic economy."Abdul Wahed Al Fahim, chairman of Nasdaq Dubai, said: "As a pioneer of Islamic finance and pillar of Dubai's growth and prosperity, DIB is a key issuer on Nasdaq Dubai. Through their close cooperation, a range of government and semi-government institutions in Dubai as well as private companies are underpinning the growth of the Shariah-compliant financial markets in the region and internationally."

Hamed Ali, chief executive of Nasdaq Dubai, said: "The sukuk sector will continue to be a core focus for Nasdaq Dubai as we look forward to further listings in 2016 and beyond from a range of issuers. We are also developing further initiatives in the Islamic capital markets to provide innovative services designed to meet the evolving needs of market participants.

(Khaleej Times / 17 April 2016)
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