Wednesday 18 September 2019

Indonesia marks listing $2bn sukuks on Nasdaq Dubai

MANAMA, May 26, 2019

Husin Bagis, the Indonesian Ambassador to the UAE accompanied by Ridwan Hassan, Consul General of  Indonesia in Dubai, today (May 26) rang the Nasdaq Dubai market-opening bell to celebrate the listing of two green Sukuk issued by the government of Indonesia, with a total value of $2 billion.

Indonesia intends to use the capital raised by the Sukuk for a variety of projects with an emphasis on sustainable development.  One Sukuk is valued at 1.25 billion US dollars and the other at 750 million US dollars.

The listings underline the close relations between the UAE and Indonesia, the world’s most populous Muslim country, as well as Dubai’s growth as the global capital of the Islamic Economy.

Husin Bagis said: “Our two Sukuks were very well received by investors, reflecting the growing reach and importance of the Islamic capital markets in Muslim countries and globally. As we expand our support for the Sukuk sector including to fund vital sustainable development initiatives, we look forward to further strengthening our relationship with Dubai as the leading centre globally for Islamic bond listings.”

The Indonesian government is the largest Sukuk issuer on Nasdaq Dubai by both value and number of listings, with securities now totalling 15 billion US dollars from 11 issuances.

Essa Kazim, Governor of Dubai International Financial Centre, Secretary General of Dubai Islamic Economy Development Centre, and Chairman of Dubai Financial Market, said: “We are delighted to partner with Indonesia to maintain the growth of the Islamic finance markets for the benefit of all participants and the wider economy. This successful collaboration underlines Dubai’s growth as the global Capital of the Islamic Economy, under the initiative launched by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister, and Ruler of Dubai.

The total value of all Sukuk listed on Dubai’s exchanges has now reached $61.5 billion, the largest amount of any listing centre in the world. – TradeArabia News Service


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