Dubai Emerges As A Capital Of Islamic Economy

Following a total of seven Sukuk listings this year by regional and international issuers, the total value of Sukuk currently listed in Dubai has reached $42.61 billion, the largest amount of any listing centre in the world.

The latest listing is from Dubai Islamic Bank (DIB), which listed a $500 million Sukuk on Nasdaq Dubai on March 31, 2016.

This brings DIB’s total Sukuk listings on the region’s international exchange to $3.25 billion, underlining the rapid expansion of Dubai as the global capital of the Islamic Economy.

“Through their location in the heart of the Muslim world, Dubai’s Islamic capital markets are uniquely placed to expand in all aspects including issuance and listing,” said Essa Kazim, Governor of Dubai International Financial Centre (DIFC) and Secretary General of Dubai Islamic Economy Development Centre (DIEDC).

“The Sukuk sector will continue to be a core focus for Nasdaq Dubai as we look forward to further listings in 2016 and beyond from a range of issuers. We are also developing further initiatives in the Islamic capital markets to provide innovative services designed to meet the evolving needs of market participants,” said Hamed Ali, CEO of Nasdaq Dubai.

“This transaction effectively marks the re-opening of the GCC financial sector debt capital markets after a hiatus of four months,” said Dr. Adnan Chilwan, Group Chief Executive Officer, DIB.

“As the leading Islamic Bank in the country, we are committed to the economic development in Dubai and to promote the emirate’s growth and success in the field of Islamic finance,” he added.

“Nasdaq Dubai provides us with both a well-regulated listing framework and excellent links to investors in our own region and globally as we continue to expand the scope of our investor base in the capital markets arena.”

Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said: “As a pioneer of Islamic finance and pillar of Dubai’s growth and prosperity, DIB is a key issuer on Nasdaq Dubai. Through their close cooperation, a range of government and semi-government institutions in Dubai as well as private companies are underpinning the growth of the Sharia’a-compliant financial markets in the region and internationally.”

Originally published on wwwemirates247.com