Dubai Islamic Bank (DIB) on Wednesday marked the listing of a $750 million sukuk — or Islamic bond — on the Nasdaq Dubai exchange. Executives on Wednesday rang the opening bell at the exchange following the listing, which took place on Jan. 22.

The value of DIB’s sukuk listed on the exchange is now $6 billion, including the latest listing, from seven instruments. The sukuk was 4.9 times oversubscribed with a profit rate of 6.25 percent per annum, and nearly 40 percent of investor interest coming from outside the Middle East, the UAE state news agency WAM reported.

“The high subscription rate for our latest sukuk demonstrates strong global investor confidence in DIB’s performance and strategy,” said Adnan Chilwan, group chief executive of DIB. “Our listing on Nasdaq Dubai provides our issuance with a well-regulated platform that has close links to regional and global investors. We will maintain our policy of close engagement with the investor community to inform them of our positive financial performance and plans.”

The total value of all sukuk listed on Dubai’s exchanges has now reached $61.14 billion, the largest amount of any listing center in the world, WAM reported.

Hamed Ali, chief executive of Nasdaq Dubai, said, “DIB’s role as a major issuer of sukuk reflects the bank’s expertise and longstanding experience in many aspects of Islamic finance across the UAE and beyond.”

Source Arab News