Hussain Al Qemzi, CEO of Noor Bank, today rang the market-opening bell to celebrate the listing of a US$500 million Sukuk on Nasdaq Dubai.
The Sukuk, the first to be issued by Noor Bank, underlines Dubai’s established expertise in the Islamic bond sector, whose growth is playing a key role in the expansion of the emirate as the global capital of the Islamic Economy. Dubai’s exchanges have attracted 31 Sukuk listings since the start of 2014, one of the largest totals in the world.
The bell-ringing was attended by Essa Kazim, Governor of Dubai International Financial Centre, DIFC, Secretary-General of Dubai Islamic Economy Development Centre, DIEDC and Chairman of DFM, Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, and Hamed Ali, Chief Executive of Nasdaq Dubai.
Essa Kazim said, “As a leading Dubai-based provider of Islamic financial services, Noor Bank’s decision to list its debut Sukuk on Nasdaq Dubai highlights the dynamism of the Sukuk sector in the emirate, in line with the growth of Dubai as the global capital of Islamic Economy under the initiative launched by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minster of the UAE and Ruler of Dubai. Dubai is committed to providing unparalleled breadth and depth of expertise in all aspects of Sukuk activity.”
Hussain Al Qemzi, CEO, Noor Bank, said, “We are very pleased to become one of the lowest priced FI Sukuk issuers to be listed on Nasdaq. Our growing stature as an Islamic institution with worldwide reach is well supported by our listing on the international exchange located in our home region. Nasdaq Dubai supplies global visibility backed by a first class regulatory structure, which is appreciated by regional as well as international investors in our Sukuk from a wide range of sectors.”
The bank succeeded in printing its debut Sukuk at one of the lowest yields paid by any UAE Sukuk issuer. The issue received a strong response and was oversubscribed 4.3 times. More than 45% of the issuance was allocated to European and Asian investors, with the rest overwhelmingly going to Middle East based investors. The Sukuk was listed on the exchange on April 29th, 2015.
Abdul Wahed Al Fahim said, “The exchange is dedicated to providing Noor Bank and all its Sukuk issuers with the streamlined and responsive framework that they expect in a world class listing environment, both before and after listing. Nasdaq Dubai will continue to enhance its infrastructure in order to compete with and exceed best international practices.”
Hamed Ali said, “As we strengthen our collaboration with leading Islamic capital markets institutions across a range of financing activities, we are in discussion with a growing number of potential issuers who wish to list securities. Our location in Dubai places the exchange at the heart of a thriving community of Islamic finance specialists who are driving the expanding success of the sector.”
Source: Wam News Agency
