Hesham Abdulla Al Qassim, Chairman of Emirates Islamic (EI) and Vice Chairman and Managing Director of Emirates NBD Group, rang the market-opening bell on Tuesday to celebrate the listing by Emirates Islamic (EI) of a $500 million Sukuk on Nasdaq Dubai.

The bank achieved a profit rate of 1.827 per cent, the lowest for a Sukuk issued by a UAE bank for 10 years, with subscription of 2.4 times. The issuance was rated A+ by Fitch Ratings and was placed 41 per cent in the Middle East and North Africa, 28 per cent in Asia, 17 per cent to US offshore investors and 14 per cent in Europe.

Al Qassim said, “The very favourable reception from our Sukuk investors around the world reflects their strong confidence in Emirates Islamic’s sound business fundamentals, active growth strategy and ability to thrive in times of market volatility. Listing our Sukuk on Nasdaq Dubai, as the region’s international financial exchange, supports our links to investors globally and provides excellent visibility with a trusted regulatory structure.”

Essa Kazim, Governor of Dubai International Financial Centre, Secretary General of Dubai Islamic Economy Development Centre, and Chairman of Dubai Financial Market, said, “Emirates Islamic’s latest successful issuance and listing underline both the success of the Sukuk sector and the resilient economic performance achieved by the UAE and Dubai in addressing the global challenges that 2020 has brought. Dubai will further expand its leadership role in Sukuk as part of the global capital of the Islamic economy initiative.”

Emirates Islamic’s latest Sukuk listed on Nasdaq Dubai on September 23rd, 2020. It brings the Bank’s current Sukuk value on the exchange to $1.5 billion, following two listings in 2016 of $750 million and $250 million.

WAM