Dubai: The listing of Sukuk issued by Sharjah Islamic Bank (SIB) on NASDAQ Dubai, the Middle East’s international financial exchange, was celebrated immensely last week when the Chief Executive of Sharjah Islamic Bank, Mohammed Abdullah,rang the opening bell at Dubai Financial Market (DFM).
The listing of the Sukuk was celebrated in the presence of His Excellency Mohammed Abdulla Al Gergawi, Chairman of The Executive Office of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai, and Chairman of the Higher Committee for Development of the Islamic Economy sector, EssaKazim, Managing Director and Chief Executive of Dubai Financial Market (DFM) and Secretary General of the Committee, Ahmad Muhammad Al Shamsi, Vice Chairman of Sharjah Islamic Bank and Abdul Wahed Al Fahim, Chairman of NASDAQ Dubai.
“The listing of SIB’s 500 million dollar Sukuk provides further support for the campaign to promote the ‘Dubai the Center of Sukuk’ initiative launched in January 2013 by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President, Prime Minster and Ruler of Dubai, in line with His Highness’s vision to position the Emirate as the Capital of Islamic Economy globally,” said a press statement.
SIB’s listing brings the nominal value of Sukuk listed on Dubai exchanges to 12.125 billion dollars, the third largest total in the world. This is the fifth listing lifting the total value of Sukuk listings this year to 4.250 billion dollars since the launch of the initiative.
“The SIB Sukuk listing reflects the support of institutions from all over the UAE to Dubai’s initiative,” said the statement.
SIB’s Sukuk was more than six times oversubscribed with 53 percent of the Sukuk allocated to MENA based investors, 30 percent allocated to investors based in Asia and 17 percent to investors based in Europe.
H.E. Ahmad Muhammad Al Shamsi, Vice Chairman of Sharjah Islamic Bank said, “As Sharjah’s leading Islamic financial institution, we are delighted to choose NASDAQ Dubai for our listing as the exchange continues to expand its focus on the Shariah capital markets.”
His Excellency Mohammed Abdulla Al Gergawi, Chairman of The Executive Office of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai, and Chairman of the Higher Committee for development of the Islamic Economy sector said, “Thanks to the undeniable support of various institutions from the wider UAE, the ‘Dubai The Capital of Islamic Economy’ initiative is gaining momentum. Since the launch of the initiative, we eagerly collaborate with these institutions as strategic partners with the aim to strengthen the consolidation of the national economy.”
“SIB’s Sukuk listing provides a significant push to various sectors of the ‘DubaiThe Capital of Islamic Economy’ initiative in general and the capital market in the UAE in particular. We will continue to strengthen the leading position of the UAE in Islamic finance initiatives across a wide range of sectors, for the benefit of individuals and institutions in the region and beyond, who are seeking attractive Islamic finance opportunities within the context of the initiative,” His Excellency added.
Mohammed Abdullah, Chief Executive of Sharjah Islamic Bank, said, “We are delighted to list our Sukuk on NASDAQ Dubai, as an international listing venue, NASDAQ Dubai gives our listing global visibility from within our own country and region. We appreciate the exchange’s high regulatory standards and straightforward listing processes.”