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10
May '18

Sharjah Islamic Bank rings bell to celebrate listing of USD 500 million Sukuk on Nasdaq Dubai

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Sharjah Islamic Bank rings bell to celebrate listing of USD 500 million  Sukuk

on Nasdaq Dubai

  • Sukuk funds raise supports expansion of SIB’s footprint for individuals and institutions
  • Issuance underlines Dubai’s stature as world’s largest centre for Sukuk listings

 Mohammed Abdulla, Chief Executive Officer of Sharjah Islamic Bank, one of the UAE’s most prominent Islamic financial institutions, rang the market opening bell today to celebrate the listing of a 500 million US dollar Sukuk on Nasdaq Dubai.

The listing supports the continuing expansion of SIB’s Sharia’a-compliant financial activities through its networks across the country including personal and corporate banking as well as Investment banking and international services, on behalf of individual and institutional clients.

The Sukuk is SIB’s third that is currently listed on Nasdaq Dubai, the region’s international exchange, following two Sukuk listings of 500 million US dollars each that were listed by the bank in 2015 and 2016.

The bell-ringing took place in the presence of Hamed Ali, Chief Executive of Nasdaq Dubai, and senior executives of SIB and the exchange.  

Mohamed Abdalla, Chief Executive Officer of SIB, said: “The strong investor interest from the Middle East, Europe and Asia in our latest Sukuk demonstrates continuing regional and international confidence in SIB credit as we develop and expand our suite of services for a wide range of customers. We were able to achieve our pricing objectives as well as funding diversification strategies in a competitive market for issuers. Our listing on Nasdaq Dubai, as the region’s international exchange and globally leading venue for Sukuk listings, supports our international visibility well as providing first class regulatory standards. On behalf of the bank, I thank the investors for their faith in the bank and all the managers of the transaction. Special thanks also goes out to our team”

 

Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said: “SIB’s listing adds further momentum to the successful initiative to position Dubai as the global Capital of the Islamic Economy, launched in 2013 by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minster, and Ruler of Dubai. Dubai looks forward to welcoming many more regional and international Sukuk issuances from private and public issuers as the sector continues to expand as an effective vehicle for raising capital.”

Dubai is the leading global centre for Sukuk listings by value, currently totalling 59.72 billion US dollars.

Hamed Ali, Chief Executive of Nasdaq Dubai, said: “As one of the UAE’s most prominent Islamic financial services companies supporting businesses and individuals, SIB’s Sukuk listing underlines the close and mutually beneficial connections that the exchange enjoys with leading UAE and overseas Sharia’a-compliant financial institutions. Nasdaq Dubai is committed to further enhancing its Sukuk listing procedures and framework, to ensure streamlined access to the exchange for issuers and effective support post-listing.”

SIB’s latest 500 million US dollar listing took place on April 18, 2018.

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