Sheikh Ahmed bin Saeed Al Maktoum, chairman of Emirates NBD, rang the opening bell at Dubai Financial Market (DFM) today to celebrate the listing of two sukuks by Emirates Islamic Bank (EIB) on Nasdaq Dubai.

EIB’s choice of the region’s international financial exchange for both of the sukuks, each with a nominal value of $500 million, a total of $1 billion, raised the total value of sukuk listed on Dubai’s exchanges to $12.08 billion, the third largest amount in the world, said a statement.  

The bell-ringing ceremony took place in the presence of Mohammed Abdulla Al Gergawi, chairman of The Executive Office of HH Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai, and Chairman of the Higher Committee for Development of the Islamic Economy sector, as well as Essa Kazim, chairman of DFM and secretary general of the committee; Hesham Abdulla Al Qassim, vice chairman of Emirates NBD and chairman of EIB; Abdul Wahed Al Fahim, chairman of Nasdaq Dubai; and Hamed Ali, chief executive of Nasdaq Dubai.

Sheikh Ahmed said: “EIB’s preference for an international exchange located in its own region made Nasdaq Dubai the natural listing venue for its sukuk.  As well as an excellent regulatory environment, the exchange provides high visibility for EIB’s securities, which supports the bank’s strategy of growth and expansion in the UAE and internationally.”    - TradeArabia News Service