UAE’s Emirates Islamic has listed a $500m Sukuk on Nasdaq Dubai on November 2, 2021.
The five-year benchmark issuance rated A+ by Fitch Ratings was priced at 2.082 percent and was 2.4 times oversubscribed, official news agency WAM reported.
Salah Mohammed Amin, CEO of Emirates Islamic, said: “This issuance will further support Emirates Islamic’s business expansion plans and growth agenda as we seek to continue to be an active contributor towards UAE’s economic growth. Emirates Islamic is committed to supporting UAE’s agenda in becoming a role model in addressing global challenges.”
“As part of its active role to support leading issuers from the UAE and beyond, Nasdaq Dubai, the international financial exchange in the region, is delighted to welcome the new Sukuk issuance from Emirates Islamic,” added Hamed Ali, CEO of Nasdaq Dubai and DFM. “The successful issuance and listing of this Sukuk is a testament to the confidence of fixed income investors in general and Sukuk investors in particular on the constructive regulatory framework of Nasdaq Dubai.”
The latest listing brings the bank’s current Sukuk value on the exchange to $1bn through two issuances. The lender had also listed a $500m Sukuk on the exchange in September last year.
Last month, Saudi’s Islamic Development Bank (IsDB) too listed a $1.7bn Sukuk on Nasdaq Dubai.
Originally published on www.gulfbusiness.com