13 Jul, 2016Noor Bank rings bell to celebrate listing of a USD 500 million Tier 1 Sukuk on Nasdaq Dubai

• 11 Sukuk listing in Dubai this year reflects active market for issuers and investors

• Listing reinforces Dubai’s role as the global Capital of Islamic Economy

Hussain Al Qemzi, CEO, Noor Bank, one of the fastest growing Islamic banks in the region, today rang the market-opening bell to celebrate the listing of Noor Bank’s USD 500 million debut Tier 1 Sukuk on Nasdaq Dubai.

It was the 11 Sukuk listing in Dubai this year, as well as the first perpetual Tier 1 Sukuk issued this year from the UAE.

The bell-ringing ceremony took place in the presence of His Excellency Essa Kazim, Governor of Dubai International Financial Centre (DIFC), Secretary General of Dubai Islamic Economy Development Centre (DIEDC), and Chairman of Dubai Financial Market (DFM); Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai; and Hamed Ali, Chief Executive of Nasdaq Dubai.

"The successful issuance of this Sukuk by a leading UAE bank, followed by its listing on Dubai’s international exchange infrastructure, demonstrates Dubai’s excellence across all aspects of the Islamic bond sector. The Emirate will continue to strengthen its expertise in this field in line with the growth of Dubai 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."

Hussain Al Qemzi, CEO, Noor Bank, said: "We are delighted with the outcome of our debut Tier 1 issuance, which witnessed strong investor demand in the international capital markets. Our listing on Nasdaq Dubai, an international financial exchange, provides the issuance with global visibility and internationally recognized regulatory architecture. Through this issuance, we will significantly boost our capital ratios to further support the future balance sheet growth of the Bank."

The Perpetual Tier 1 Sukuk listed on Nasdaq Dubai on June 2, 2016. The listing follows Noor Bank’s inaugural USD 500 million senior unsecured Sukuk which was listed on the exchange in April 2015.

Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said: "The issuance and listing of Noor Bank’s latest Sukuk provides further evidence that activity in the Islamic bond market is strong, as a result of significant issuer appetite for capital and investor demand for well structured Islamic products. Nasdaq Dubai will further enhance its infrastructure and procedures in order to provide a competitive listing environment than meets issuers’ changing requirements."

Hamed Ali, Chief Executive of Nasdaq Dubai, said: "We are in discussion with a substantial number of potential Sukuk issuers who wish to list their securities on the exchange in coming months, to benefit from the high profile and regulatory excellence that it provides. As the Islamic capital markets expand and develop both in the region and internationally, we are preparing to introduce further initiatives and innovation in a variety of asset classes."