Dubai Sukuk listings top $42bn

Islamic Corporation for the Development of the Private Sector said the emirate was a leader in the Islamic bond sector



The value of Sukuk listings in Dubai has topped $42.61bn following the ringing of the bell by Islamic Corporation for the Development of the Private Sector yesterday for its $300m issue.

The Islamic Development Bank Group private sector arm said the total nominal value of Sukuk in the emirate was higher than any other centre globally, making it a leader in the Islamic bond sector.

“Using the funds raised by this Sukuk, we will further pursue our mission to provide financing and investment for a range of successful private enterprise projects in our member countries,” said ICD chief executive Khaled Al Aboodi.

The Islamic Devleopment Bank has seven other Sukuk outstanding on Nasdaq Dubai, following its first listing in 2014, with a total nominal value of $8.05bn.

The most recent Sukuk listed on April 14.

ICD has an authorised capital of $4bn and is jointly held by the IDB, 52 Islamic countries and five public financial institutions.