DUBAI, October 26 / WAM / The Islamic Development Bank has listed $1.7 billion in sukuk on Nasdaq Dubai, the international stock exchange in the Middle East.
Dr. Zamir Iqbal, Vice President of Finance and Chief Financial Officer of the Islamic Development Bank rang the bell to celebrate the listing, in the presence of Hamed Ali, CEO of Nasdaq Dubai, Executive Vice President of the Dubai Financial Market and a number of prominent officials from both sides.
The new listing reinforces the Islamic Development Bank’s position as the largest international multilateral financial institution issuing sukuk on Nasdaq Dubai through 13 issues since 2016 with a total value of $18.8 billion.
Dr. Zamir Iqbal said: “We are pleased to strengthen our relationship with Nasdaq Dubai by listing our new sukuk issuance, which comes as part of our commitment to mobilizing sustainable capital flows through our AAA-rated sukuk, enabling us to provide low-cost financing to Islamic Development Bank member countries to support their recovery. We thank Nasdaq Dubai for its role in providing an effective international platform for our issuance of Islamic debt instruments, and we also thank investors for their keenness to continue investing in our sukuk issuances, reflecting their confidence in the bank’s role in supporting sustainable social and economic development efforts.”
For his part, Hamed Ali said: “NASDAQ Dubai welcomes the listing of the latest sukuk issuance from the Islamic Development Bank. Undoubtedly, the bank’s keenness to regularly list its issues on Nasdaq Dubai provides the best evidence of the great confidence in the exchange’s world-class regulatory rules and a developed capital market structure. It supports the growth of Islamic capital markets, and we are committed to continuing to develop our regulations and services to support the leading issuers in implementing their growth plans and strengthening their links with regional and international investors seeking to invest in the opportunities in this sector.”
This issuance is the second of its kind that the Islamic Development Bank has listed on Nasdaq Dubai since the beginning of this year, as it had previously listed $2.5 billion in sukuk issues last April, which consolidates Dubai’s position among the largest centers for listing sukuk globally, with a total value of $80.1 billion. It also raises the total value of fixed income issuances listed in Dubai’s financial markets to $108.8 billion.
It should be noted that this five-year issuance attracted subscriptions with a total value of $2.4 billion, and its proceeds will be allocated to finance the development activities of the Bank in general, in addition to implementing its integrated plan to finance the recovery of member states from the repercussions of the pandemic.