20 Feb, 2018Dubai Islamic Bank rings market bell to celebrate listing USD 1 billion Sukuk on Nasdaq Dubai

• This latest listing makes the bank the largest UAE debt issuer by value on the exchange

• Collaboration underlines Dubai’s growth as global Capital of Islamic Economy

Dubai Islamic Bank (DIB), the largest Islamic Bank in the UAE, rang the market-opening bell today to celebrate the listing of a 1 billion US dollar Sukuk on Nasdaq Dubai.

The Sukuk is the first benchmark dollar-denominated Sukuk from a GCC issuer in 2018 and provides significant support for the domestic and international growth strategy of DIB.

It is DIB’s sixth Sukuk on Nasdaq Dubai, making the bank the largest UAE debt issuer by value on the exchange with a total of USD 5.25 billion. The latest Sukuk, carrying a profit rate of 3.625% with a five-year tenor, attracted investors from the Middle East, Europe, Asia and North America, including banks, sovereign wealth funds and fund managers. The collaboration between Nasdaq Dubai and DIB underlines Dubai’s growth as the global Capital of the Islamic Economy.

Dr. Adnan Chilwan, Group CEO, DIB said: "

Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said: "DIB’s dynamic use of the Islamic capital markets and its prominent role in the UAE’s banking sector are a mainstay of Sharia’a-compliant financial activity in Dubai. The close collaboration between DIB and Nasdaq Dubai provides significant support for Dubai’s growth as the global Capital of the Islamic Economy, under the initiative launched by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minster, and Ruler of Dubai."

Hamed Ali, Chief Executive of Nasdaq Dubai, said: "We are strengthening our collaboration with leading Islamic capital markets institutions across a range of financial activities and are in discussion with a growing number of potential issuers regionally and internationally. Dubai’s thriving community of Islamic finance specialists at DIB and other institutions will continue to drive the expanding success of the Sharia’a-compliant financial sector."

The total value of all Sukuk listed on Dubai’s exchanges has now reached 53.47 billion US dollars, the largest amount of any listing centre in the world.

DIB’s latest one billion dollar Sukuk listed on Nasdaq Dubai on February 7, 2018.