- Sole listing underlines Dubai’s position as global leader for Sukuk
- IFC will use funds to support activities by private sector clients
Bahar Alsharif, Deputy Treasurer of International Finance Corporation (IFC), a member of the World Bank Group, today rang the market-opening bell to celebrate the listing of a 100 million US dollar Sukuk (Islamic bond) on Nasdaq Dubai.
IFC’s Sukuk is listed solely on Nasdaq Dubai. It has raised the total nominal value of Sukuk currently listed in Dubai to 36.8 billion US dollars, strengthening the Emirate’s position as the largest centre in the world for Islamic bond listings. More than a third of this total, amounting to 12.75 billion US dollars, has listed on Nasdaq Dubai in 2015.
The bell-ringing ceremony was attended by His Excellency Essa Kazim, Governor of Dubai International Financial Centre (DIFC), Secretary General of Dubai Islamic Economy Development Centre (DIEDC), and Chairman of Dubai Financial Market (DFM); Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai; Hamed Ali, Chief Executive of Nasdaq Dubai; Dimitris Tsitsiragos, Vice President of Global Client Services of IFC; and Mouayed Makhlouf, IFC Director for Middle East and North Africa.
Bahar Alsharif, IFC Deputy Treasurer, said: “This issuance will help meet the funding needs of our private-sector clients in the Middle East and globally. As a premium global issuer, IFC is also keen to offer international and regional investors high-quality alternatives in Islamic financial markets.”
HE Essa Kazim, Governor of DIFC, Secretary General of DIEDC and Chairman of DFM said: “Dubai is delighted to provide a listing venue for IFC and support its beneficial development activities. The listing underlines the Emirate’s status as the leading centre in the world for Sukuk listings and its growth as the global Capital of 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.”
The Sukuk is the second to be listed by IFC on Nasdaq Dubai, following a 100 million US dollar Sukuk that listed in 2009. Through its latest Sukuk, IFC will support developmental financing activities in the Middle East and North Africa and other parts of the world.
Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said: “Our successful cooperation with IFC underlines the exchange’s role in promoting the Islamic capital markets as a valuable tool for issuers from around the world, from multilateral organisations and sovereign entities to public and private sector institutions. We are committed to providing all our issuers with a well regulated listing environment that provides confidence to investors.”
Hamed Ali, Chief Executive of Nasdaq Dubai, said: "The exchange will maintain its focus on providing a dynamic Sukuk listing venue that exceeds global standards, including the efficiency and responsiveness of its admission procedures. We are preparing further innovation and initiatives in the Sukuk and Islamic capital markets sector across a variety of asset classes.”
Dimitris Tsitsiragos, Vice President of Global Client Services of IFC, said: “This is our second Sukuk issuance and highlights our aim to continue to create opportunities for investors in the region and help deepen the Sukuk market in the Gulf Cooperation Council."
IFC’s latest Sukuk listed on Nasdaq Dubai on September 16, 2015. The first IFC Sukuk matured in November 2014, at the conclusion of its five-year term.
