Islamic Development Bank lists $1.7bn Sukuk on Nasdaq Dubai

By Arya M Nair, Intern Reporter
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Islamic Development Bank (IsDB) rang Nasdaq Dubai’s market-opening bell to celebrate the listing of a $1.7 billion Sukuk on the region’s international financial exchange.

The listing strengthens the IsDB’s position as the largest supranational Sukuk issuer on Nasdaq Dubai with a total value of $18.8 billion through 13 issuances listed on the exchange since 2016. 

Dr. Zamir Iqbal, Vice President of Finance and Chief Financial Officer of IsDB rang the bell which was witnessed by attendees, Mr. Hamed Ali, CEO of Nasdaq Dubai and Deputy CEO of the Dubai Financial Market (DFM), as well as other senior executives from both sides.

Dr. Zamir Iqbal
Dr. Zamir Iqbal
VP Finance & CFO

“We are pleased to see our relationship with Nasdaq Dubai growing stronger with this new listing of our landmark Sukuk issuance, which reaffirms IsDB’s commitment to mobilize sustainable capital flows on the back of our top-tier AAA-rating and provide cost-effective financing for our Member Countries’ recovery from the pandemic. We would like to thank Nasdaq Dubai for providing an international platform for our Islamic debt securities.”

The issuance is the second listing by the IsDB on Nasdaq Dubai in 2021, as the Bank listed its second Sustainability Sukuk issuance of $2.5 billion in April 2021, solidifying Dubai’s position as one of the world’s largest Sukuk listing venues, with a total value of $80.1 billion. The total value of fixed income listings on the exchange has also climbed to $108.8 billion.

IsDB’s 5-year Sukuk offering attracted orders at more than $2.4 billion. The proceeds of the Sukuk will be used to support the Bank’s development mandate, which includes a wide-ranging response to help its Member Countries recover from the pandemic.

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