Dr. Zamir Iqbal, Vice President of Finance and Chief Financial Officer of the Islamic Development Bank (IsDB), today 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.
The bell-ringing ceremony was attended by Hamed Ali, CEO of Nasdaq Dubai and Deputy CEO of the Dubai Financial Market (DFM), as well as other senior executives from both sides.
Commenting on the announcement, Dr. Iqbal said, “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 and our investors who continue to subscribe to our Sukuk issuances and place their trust in IsDB’s mission of sustainable social and economic development.”
CEO of Nasdaq Dubai, in turn, said, “We are committed to the continuous progression of Nasdaq Dubai’s regulations and services to support prominent issuers in implementing their financing and growth plans and linking them with regional and international investors who are seeking lucrative investments in this sector.”
This issuance is the second listing by the Islamic Development Bank on Nasdaq Dubai in 2021, as the Bank listed its second Sustainability Sukuk issuance of $2.5 billion in April 2021, fortifying Dubai’s position as one of the largest Sukuk listing venues globally, with a total value of $80.1 billion. It has also increased the total value of fixed income listings on the exchange to $108.8 billion.
The 5-year Sukuk issuance of IsDB attracted more than $2.4 billion worth of orders. Proceeds of the Sukuk will be utilized for the development mandate of the Bank, which also includes its wide-ranging response to financing the recovery from the pandemic for its Member Countries.