Sharjah Islamic Bank Rings Bell to Celebrate Listing of USD 500 Million

Listing underlines Nasdaq Dubai’s stature as world’s largest exchange for Sukuk

Sukuk oversubscribed 3.2 times by regional and international investors

Dubai – Ahmad Saad, Deputy CEO of Sharjah Islamic Bank (SIB), rang the opening bell today to celebrate the listing of a 500 million US dollar Sukuk on Nasdaq Dubai.

The listing adds further momentum to Dubai’s growth as the global capital of the Islamic Economy and underlines Nasdaq Dubai’s stature as the largest exchange in the world for Sukuk listings by value, currently standing at  43.0 billion US dollars.

The bell-ringing took place in the presence of Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai and Hamed Ali, Chief Executive of Nasdaq Dubai; and senior executives of SIB.    

Ahmad Saad, Deputy Chief Executive Officer of SIB, said: ‘Our listing on the region’s international exchange supports our visibility among global and regional investors as well as providing first class regulatory standards. The Sukuk was issued on September 8, 2016 and was oversubscribed by 3.2 times; it follows two earlier Sukuk listings by SIB on Nasdaq Dubai in April 2013 and April 2015, each of 500 million US dollars.’

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 listing demonstrates the continuing growth of Dubai as the global Capital of the Islamic Economy, under the initiative launched in 2013 by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minster, and Ruler of Dubai. This expansion is supported by the UAE’s long tradition of pioneering the development of Islamic finance and the depth of its expertise in the Sharia’a-compliant capital markets sector. ‘ 

Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said: ‘SIB’s listing underlines the close and mutually beneficial connections that the exchange enjoys with leading Islamic financial institutions. Nasdaq Dubai is committed to further enhancing its Sukuk listing procedures and framework, to ensure streamlined access to the exchange for issuers.’

Hamed Ali, Chief Executive of Nasdaq Dubai, said: ‘As the leading exchange for Sukuk, Nasdaq Dubai provides an environment that is dedicated to meeting the requirements of issuers and  investors both before and after listing. We will continue to introduce new initiatives to support the sector and look forward to welcoming many more regional and international Sukuk issuances.’

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 while  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).