22 Apr, 2013NASDAQ Dubai welcomes the listing of Sharjah Islamic Bank Sukuk during a bell ringing ceremony at DFM

• Dubai, the Capital of Islamic Economy initiative gains momentum with the fifth Sukuk listing and support from the wider UAE.

Mohammed Abdulla, Chief Executive of Sharjah Islamic Bank, rang the opening bell at Dubai Financial Market (DFM) today to celebrate the listing of a Sukuk issued by Sharjah Islamic Bank (SIB) on NASDAQ Dubai, the Middle East 's international financial exchange, in the presence of His Excellency Mohammed Abdulla Al Gergawi, Chairman of The Executive Office of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai, and Chairman of the Higher Committee for development of the Islamic Economy sector, Essa Kazim, Managing Director and Chief Executive of Dubai Financial Market (DFM) and Secretary General of the Committee, Ahmad Muhammad Al Shamsi, Vice Chairman of Sharjah Islamic Bank and Abdul Wahed Al Fahim, Chairman of NASDAQ Dubai.

The listing of SIB 's 500 million dollar Sukuk provides further support for the campaign to promote the ‘Dubai the Global Center of Sukuk’ initiative launched in January 2013 by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President, Prime Minster and Ruler of Dubai, in line with His Highness 's vision to position the Emirate as the Capital of Islamic Economy globally.

SIB 's listing brings the nominal value of Sukuk listed on Dubai exchanges to 12.125 billion dollars, the third largest total in the world. This is the fifth listing lifting the total value of Sukuk listings this year to 4.250 billion dollars since the launch of the initiative.

The SIB Sukuk listing reflects the support of institutions from all over the UAE to Dubai 's initiative.

SIB 's Sukuk was more than 6 times oversubscribed with 53% of the Sukuk allocated to MENA based investors, 30% allocated to investors based in Asia and 17% to investors based in Europe.

H.E. Ahmad Muhammad Al Shamsi, Vice Chairman of Sharjah Islamic Bank said: As Sharjah 's leading Islamic financial institution, we are delighted to choose NASDAQ Dubai for our listing as the exchange continues to expand its focus on the Sharia’a capital markets.

His Excellency Mohammed Abdulla Al Gergawi, Chairman of The Executive Office of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai, and Chairman of the Higher Committee for development of the Islamic Economy sector said: Thanks to the undeniable support of various institutions from the wider UAE, the Dubai The Capital of Islamic Economy initiative is gaining momentum. Since the launch of the initiative, we eagerly collaborate with these institutions as strategic partners with the aim to strengthen the consolidation of the national economy.

SIB 's Sukuk listing provides a significant push to various sectors of the Dubai The Capital of Islamic Economy initiative in general and the capital market in the UAE in particular. We will continue to strengthen the leading position of the UAE in Islamic finance initiatives across a wide range of sectors, for the benefit of individuals and institutions in the region and beyond, who are seeking attractive Islamic finance opportunities within the context of the initiative, His Excellency added.

Essa Kazim, Managing Director and Chief Executive of Dubai Financial Market (DFM) and Secretary General of the Higher Committee said:As Islamic solutions play an expanding role in Dubai 's capital markets structure, the Emirate will continue to expand its Shari’a listings. Dubai 's exchanges will further strengthen their appeal to issuers and investors, by enhancing their listing framework and introducing new initiatives to meet the needs of market participants.
DFM published a draft ‘Standard for Issuing, Acquiring, and Trading Sukuk’, the first comprehensive standard of its kind, in January 2013.

Abdul Wahed Al Fahim, Chairman of NASDAQ Dubai, said: This Sukuk listing by SIB, as one of the UAE and the region 's most respected Islamic institutions, underlines the rapid growth of Dubai as the venue of choice for listing Islamic securities. We look forward to welcoming many more regional and international Sukuk issuers as the sector continues to expand and we will continue to enhance the framework we provide them and their investors in custody, transfer and other services.

Mohammed Abdulla, Chief Executive of Sharjah Islamic Bank said: We are delighted to list our Sukuk on NASDAQ Dubai, as an international listing venue,

NASDAQ Dubai gives our listing global visibility from within our own country and the region. We appreciate the exchange 's high regulatory standards and straightforward listing processes.

Global Sukuk issuance reached 140 billion dollars in 2012, up 64% from 85 billion dollars in 2011, according to Zawya. Issuers in the United Arab Emirates issued more than six billion dollars of Sukuk in 2012.