Sharjah Islamic Bank lists $500m sukuk on Nasdaq Dubai

The latest listing raises the total value of sukuk listed in Dubai to $69.29bn

Sharjah Islamic Bank (SIB) has listed another $500m sukuk on Nasdaq Dubai on Tuesday, June 23.

Nasdaq Dubai said that the five-year sukuk was subscribed 7.2 times by regional and international investors with 150 investors expressing interest.

“It brings the total value of SIB Sukuk listings on Nasdaq Dubai to $2bn following listings of $500m each in 2016, 2018 and 2019,” Nasdaq Dubai added in a statement on its website.

“Our listing on the region’s international exchange supports our visibility regionally and globally and reflects the leading role played by UAE financial institutions in collaborating to develop the Sharia’a-compliant sukuk markets,” said Mohammed Abdulla, CEO of SIB.

The latest sukuk listing brings the total value of sukuk listed in Dubai to $69.29bn.

“SIB’s successful listing on Nasdaq Dubai demonstrates the depth of sukuk expertise and market knowledge in the UAE and the strength of its Islamic finance sector,” said Essa Kazim, governor of Dubai International Financial Centre (DIFC), secretary general of Dubai Islamic Economy Development Centre, and chairman of Dubai Financial Market.

Earlier this month, Dubai Islamic Bank (DIB) – the UAE’s largest Islamic bank – too listed a $1bn sukuk on Nasdaq Dubai, which was nearly 4.5 times subscribed with a profit rate of 2.95 per cent per annum.

Read: Dubai Islamic Bank lists $1bn sukuk on Nasdaq Dubai

The Islamic Economy contributed Dhs41.8bn to Dubai’s GDP in 2018, up 2.2 per cent over the previous year, and accounted for 9.9 per cent of the emirate’s GDP that year.

Read: Islamic Economy accounted for Dhs41.8bn of Dubai’s GDP in 2018