worth $750 million

The start of trading on the first sustainable sukuk of «Dubai Islamic» on Nasdaq Dubai

During the market opening bell.

From the source

Yesterday, Dubai Islamic Bank rang the market opening bell, to celebrate the listing and start of trading on its first sustainable issuance of $750 million Sukuk on Nasdaq Dubai.

The sukuk, which is the first sustainable sukuk issued by an Emirati institution, was issued in accordance with Dubai Islamic Bank's sustainable financing framework, with the aim of financing environmental and social initiatives and projects.

Dubai Islamic succeeded in pricing the main five-year issuance at a profit rate of 5.493% per annum, at a price higher by 155 basis points than US Treasury bonds for more than five years.

Dubai Islamic Bank, rated “A3” by Moody’s, and rated “A” by Fitch Ratings, issued the new sukuk as part of its sukuk issuance program with a total value of $7.5 billion.

The Dubai Financial Market indicated in a statement that the new listing raised the total value of sukuk listed on Nasdaq Dubai, within the framework of this program, to $5.55 billion, and raised the total value of all Dubai Islamic Bank sukuk listed on the international financial exchange in the region to $7.8 billion. .

The new listing also raised the total value of ESG-related bonds and sukuk on Nasdaq Dubai to $16.825 billion.

Dr. Adnan Chilwan, CEO of Dubai Islamic Bank Group, said, "The strong demand from investors reflects the market's confidence in Dubai Islamic Bank's strategy to achieve growth, and also reflects the bank's pioneering and active role in the framework of efforts to stimulate economic growth."

He added, "The listing of sukuk on Nasdaq Dubai strengthens the bank's ties with investors around the world, thanks to the global presence that the stock exchange provides us with and a distinguished regulatory environment."

For his part, Hamed Ali, Chief Executive Officer of Nasdaq Dubai and Dubai Financial Market, said: “We welcome the issuance and listing of Dubai Islamic Bank’s new sukuk on Nasdaq Dubai, as this step reflects the effectiveness of our successive efforts to provide a world-class financial market structure.”

It is noteworthy that the new sukuk were listed on November 30, 2022, which strengthens the position of the financial markets in Dubai among the most prominent global sukuk listing centers, with a total value of $80.287 billion.

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