After listing $ 600 million sukuk

The Islamic Private Sector raises the value of sukuk on Nasdaq Dubai to $ 74 billion

"Nasdaq Dubai" welcomed the listing of Sukuk from the "Islamic Private Sector Development".

From the source

Nasdaq Dubai welcomed the listing of $ 600 million of sukuk by the Islamic Corporation for the Development of the Private Sector, the private sector arm of the Islamic Development Bank.

Yesterday, a statement said that the recent listing of the institution raised the total value of the sukuk listed in Dubai to $ 74.05 billion, confirming the emirate's position as one of the largest sukuk listing centers by value in the world.

He added that the sukuk were listed on October 15, 2020, pointing out that the proceeds of these sukuk will support the large-scale development activities of the corporation in its 55 member states, which include entrepreneurship, job opportunities, and export potential, as well as encouraging the development of Islamic financing activities, such as the sukuk and equity markets. .

According to the statement, these sukuk were issued for a period of five years, at a yield of more than 140 basis points above the average rate of swaps, and the subscription limit reached nearly three times, including requests from the joint principal managers.

The issuance has attracted requests from investors from Europe, Asia and the Middle East.

Specifically, 4% of the issuance was allocated to the United Kingdom and Europe, 21% to Asia, and 75% to the Middle East.

As for the categories of investors, the allocation was made to fund managers by 13%, private banks and banks 57%, agencies and central banks 29%, and other entities 1%.

The statement emphasized that this is the second sukuk issuance by the Islamic Corporation for the Development of the Private Sector, following the first issuance of a $ 300 million Sukuk in 2016, which is also listed on Nasdaq Dubai.

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