Nasdaq Dubai welcomes $1.5bn Islamic Development Bank sukuk

By Angel Chan

DUBAI 29 April 2019: Nasdaq Dubai welcomed the listing  of a US$1.5 billion sukuk by Islamic Development Bank (IDB). The listing underlines Dubai’s role as the largest centre globally for sukuk listings by nominal value currently totaling $60.89 billion.

IDB now has 10 Sukuk listed on the Middle East’s international financial exchange with a total value of $12.54 billion.

The multilateral lender, which finances development across its 57 member countries, first listed a sukuk on Nasdaq Dubai in 2014.

IDB’s activities include building partnerships between governments, the private sector and civil society; increasing skills and knowledge sharing; focusing on science, technology and innovation led solutions to development challenges; promoting global development that is underpinned by Sharia’a-compliant sustainable financing structures; and fostering collaboration between its members nations to focus on the betterment of humanity.

The managers for the sukuk issuance were Crédit Agricole Corporate and Investment Bank; Emirates NBD Capital, First Abu Dhabi Bank PJSC, Gulf International Bank BSC, HSBC Bank plc, J.P. Morgan Securities plc, Natixis, and Standard Chartered Bank.

Dubai Gazette