Sharjah Islamic Bank lists US$500 million Sukuk on Nasdaq Dubai

DUBAI, Nasdaq Dubai today welcomed the listing of US$500 million Sukuk by the Sharjah Islamic Bank, SIB.

The listing supports the continuing expansion of SIB’s Sharia’a-compliant financial activities through its networks across the country including personal and corporate banking as well as investment banking and international services, on behalf of individual and institutional clients.

Commenting on the announcement, Mohammed Abdulla, Chief Executive Officer of SIB, 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. Our listing on Nasdaq Dubai, as the region’s international exchange and globally leading venue for Sukuk listings, supports our international visibility well as providing first class regulatory standards. On behalf of the bank, I thank the investors for their faith in the bank and all the managers of the transaction. Special thanks also goes out to our team.”

In turn, Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said, “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, the Vice President, Prime Minister 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.”

The new Sukuk is SIB’s third listing on Nasdaq Dubai, the region’s international exchange, following two Sukuk listings of US$500 million each by the bank in 2015 and 2016.

Source: Emirates News Agency