The new listing contributes to consolidating the position of the capital markets in the emirate
Nasdaq Dubai welcomes listing of $750 million sukuk by Dubai Islamic
Nasdaq Dubai has welcomed the listing of a $750 million Sukuk issued by Dubai Islamic Bank.
A statement to the Stock Exchange stated that the new issuance of the five-year sukuk comes within the program of Dubai Islamic Bank to issue the remaining sukuk amounting to 7.5 billion dollars.
The issuance, which is the first in the UAE since the beginning of 2022, was priced at a profit rate of 2.74% per annum, an increase of 95 basis points over the five-year US Treasury bond yield, which is the lowest credit margin of any of the bank's issuance of premium fixed-rate sukuk.
The issuance was covered more than 2.5 times the target level, which is a clear indication of the bank's strong credit position and the great attractiveness it enjoys with international and regional fixed income investors alike.
The new listing contributes to consolidating the position of the financial markets in Dubai among the largest centers for listing sukuk at the global level, with a total value of $79.19 billion.
Nasdaq Dubai is the international financial exchange for the region located between Western Europe and East Asia.
It receives issuers from all over the world looking to take advantage of investment opportunities at the regional and international levels.
The stock exchange currently lists stocks, derivatives, sukuk (Islamic bonds), conventional bonds and real estate investment funds, while the Dubai Financial Market is the main shareholder in Nasdaq Dubai with a two-thirds stake, while the stock exchange owns a third of the shares.
The Dubai Financial Services Authority is the regulatory authority for NASDAQ Dubai, which is headquartered in the Dubai International Financial Center.
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