IsDB Celebrate Sukuk Listing, on Dubai-based Nasdaq

The Islamic Development Bank celebrated the listing of a $1.7 billion worth sukuk, on Nasdaq Dubai, the international stock exchange, in the Middle East, in the presence of Dr. Zamir Iqbal, Vice President (Finance) and Chief Financial Officer of the Bank, Nasdaq Dubai CEO and Executive Vice President Hamed Ali, and a host of senior officials and notables.

The new listing reinforces the bank’s position, as the largest internationally multilateral financial institution issuing sukuk, on Nasdaq Dubai, through as many as 13 issues, since 2016 with a total value totaling $18.8 billion.

Dr. Iqbal expressed happiness at strengthening the relationship with Nasdaq Dubai, by listing our new Sukuk issuance, which comes as part of our commitment to mobilizing sustainable capital flows through AAA-rated sukuk, which can provide low-cost financing to Islamic Development Bank member countries, to support their recovery and getting red of repercussions of the pandemic.

For his part, the CEO of Nasdaq Dubai and Executive Vice President of the Dubai Financial Market welcomed the listing of the latest sukuk issuance from the Islamic Development Bank, the leading international financial institution, stressing the bank’s keenness to regularly list its issues on Nasdaq Dubai, which is the best evidence of the great confidence in the exchange’s regulatory rules, in addition to being a world-class and developed capital market structure, that support the growth of Islamic capital markets.

This is the second issuance of its kind that the Islamic Development Bank has listed on Nasdaq Dubai, since the beginning of the year, as it had previously listed $2.5 billion worth sukuk issues, last April, which consolidated Dubai’s position, among the largest centers for listing sukuk, globally, with a total value of $80.1 billion.

It also raises the total value of fixed income issuances listed in the Dubai financial markets to $108.8 billion.

It is noteworthy that this 5-year issuance attracted subscriptions with a total value of $2.4 billion, and its proceeds will be allocated to finance the development activities of the bank, in general, in addition to implementing its integrated plan to finance the recovery of member states, from the repercussions of the pandemic.