Sharjah Islamic Bank celebrates listing of $500m sukuk

Mohammed Abdulla, CEO of Sharjah Islamic Bank, on Wednesday rang the market opening bell to celebrate the listing of a $500 million sukuk on Nasdaq Dubai.

The sukuk is the bank’s third that is listed on Nasdaq Dubai, the region’s international exchange, following two sukuk listings of $500 million each that were listed by the bank in 2015 and 2016.

The bell-ringing took place in the presence of Hamed Ali, chief executive of Nasdaq Dubai, and other senior executives.

Abdulla said: “The strong investor interest from the Middle East, Europe and Asia in our latest sukuk demonstrates continuing regional and international confidence in SIB credit as we develop and expand our suite of services for a wide range of customers.

“We were able to achieve our pricing objectives as well as funding diversification strategies in a competitive market for issuers.”

Abdul Wahed Al Fahim, chairman of Nasdaq Dubai, added: “SIB’s listing adds further momentum to the successful initiative to position Dubai as the global Capital of the Islamic Economy, launched in 2013 by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minster, and Ruler of Dubai.

“Dubai looks forward to welcoming many more regional and international Sukuk issuances from private and public issuers as the sector continues to expand as an effective vehicle for raising capital.”

Dubai is the leading global centre for sukuk listings by value, currently totalling $59.72 billion.

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