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Sharjah Islamic Bank latest News & Updates

Jun 28, 2020

Nasdaq Dubai welcomes listing of USD 500 million Sukuk by Sharjah Islamic Bank

Dubai, 24 June 2020 – Nasdaq Dubai today welcomed the listing of a US dollar 500 million Sukuk by Sharjah Islamic Bank (SIB). The capital raised will support SIB’s activities and strategic development to cater to its customers in corporate, investment and retail banking. The five-year Sukuk was subscribed 7.2 times by regional and international investors with 150 investors showing their interest. It brings the total value of SIB Sukuk listings on Nasdaq Dubai to 2 billion US dollars following listings of 500 million US dollars each in 2016, 2018 and 2019.

Mohammed Abdulla, Chief Executive Officer of SIB said: “The very positive response from the market to our latest Sukuk reflects investors’ strong belief in SIB’s strategy as we develop our activities across all our areas of business for a wide range of businesses and individuals. 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.”

His Excellency Essa Kazim, Governor of Dubai International Financial Centre, Secretary General of Dubai Islamic Economy Development Centre, and Chairman of Dubai Financial Market said: “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. The listing underlines the growth of Dubai as the global Capital of the Islamic Economy, under the initiative launched in by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minster, and Ruler of Dubai.”

SIB’s Sukuk brings the total value of Sukuk listed in Dubai to 69.29 billion US dollars, underlining the emirate’s status as one of the largest Sukuk listing centres in the world by value.

Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said: “We are delighted to welcome SIB as our eighth Sukuk listing so far this year and look forward to welcoming many more regional and international Islamic issuances during the course of 2020. We will strengthen our support for private and public issuers and investors who use the Sukuk asset class as an effective capital markets vehicle.”

Hamed Ali, Chief Executive of Nasdaq Dubai, said: “SIB’s Sukuk listing underlines the close collaboration and mutually beneficial connections that the exchange enjoys with prominent UAE and overseas Sharia’a-compliant issuers and investors. We are committed to providing an effective and high-profile listing platform for SIB as it develops its important services for institutions and individuals in the UAE and beyond.” SIB’s latest 500 million US dollar Sukuk listed on Nasdaq Dubai on June 23rd, 2020.

About Nasdaq Dubai

Nasdaq Dubai is the international financial exchange serving the region between Western Europe and East Asia. It welcomes regional as well as global issuers that seek regional and international investment. The exchange currently lists shares, derivatives, Sukuk (Islamic bonds), conventional bonds and Real Estate Investment Trusts (REITS).

The majority shareholder of Nasdaq Dubai is Dubai Financial Market with a two-thirds stake. Borse Dubai owns one third of the shares. The regulator of Nasdaq Dubai is the Dubai Financial Services Authority (DFSA). Nasdaq Dubai is located in the Dubai International Financial Centre (DIFC).

About Sharjah Islamic Bank

Sharjah Islamic Bank (SIB) started providing banking services to individuals and companies following an Amiri decree released by His Highness Sheikh Dr Sultan bin Muhammad Al Qassimi, Member of the Supreme Council and Ruler of Sharjah.

The Bank earned a reputation for pioneering initiatives, adopting and implementing the latest technologies in the banking sector. Also, Sharjah Islamic Bank (SIB) offers its clients modern Shariah-compliant services that are in line with the international standards. The Bank has a clear strategy and prudent policy, particularly regarding risk management and investment diversification.


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