The government of Indonesia – the world’s most populous Muslim country – listed two Islamic bonds (sukuk) with a total value of $3bn on Nasdaq Dubai on Sunday.
The Indonesian government is the largest sukuk issuer on Nasdaq Dubai by both value and number of listings, with securities now totalling $14.5bn from 10 issuances.
The total value of all sukuk listed on Dubai’s exchanges has now reached $56.47bn, the largest amount of any listing centre in the world, a statement said.
Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum announced plans to make Dubai the global hub for the Islamic economy in 2013, with a focus on sectors including banking and asset management, trade, food preparation and certification, fashion, education and tourism.
In December the same year, the Dubai Islamic Economy Development Centre (DIEDC) was set up to aid the emirate’s ambitions.
Last week, a new Islamic start-up incubator was also launched in Dubai. Dubai Airport Freezone Authority (DAFZA) has partnered with the DIEDC and venture firm Technolera to launch Goodforce Labs, which will focus on ethical practices in the Islamic and halal industries.
It will seek to help Islamic small and medium enterprises to reach $50m in annual revenues and a “measurable social impact”.
It will help start-ups to start, manage and develop their businesses into social impact driven companies while providing support in areas including design, marketing, operations management and technology.
The global Islamic economy is booming, and according to a report late last year by the DIEDC, Islamic finance assets are expected to reach up to $3.8 trillion by 2022.
Also read: The halal economy reaches new heights