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DUBAI / WAM
Dr Zamir Iqbal, Vice President Finance and Chief Financial Officer of the Islamic Development Bank (IDB) rang the market-opening bell on Tuesday to mark the listing of a $1.25-billion Sukuk on Nasdaq Dubai, the region’s international financial exchange.
The listing supports the economic development and social advancement goals of IDB, an AAA-rated multilateral institution, whose activities include providing financing for development projects in line with Sharia principles to its 57 member-countries.
The geographical distribution of investors shows the strong demand for IDB Sukuk, where 53 percent of the five-year Sukuk issuance was acquired by investors in the EMEA region, while 47 percent went to investors based in Asia, with an annual return of 2.261 percent.
The IDB is one of the largest Sukuk issuers on Nasdaq Dubai, with a current total of eight listings valued at $10.25 billion. The bell-ringing ceremony was attended by Hamed Ali, the exchange’s Chief Executive, as well as Azahari Bin Abd Kudus, Capital Markets Manager of the IDB.
Dr Iqbal said, “As the IDB increases its support for member-countries in sectors ranging from infrastructure and agriculture to schools and hospitals, it is critical for us to raise capital in a cost-effective, efficient and timely manner. We appreciate the support
of the UAE in helping us promote development in member-countries.
“Our listing on Nasdaq Dubai, as the region’s international financial exchange and a leading venue for Islamic securities, is a testimony of investors’ confidence through its robust infrastructure and regulatory environment, and a global network of market participants.†Dubai is a leading international centre for Sukuk activity, with listings in the emirate currently totalling $52.47 billion.