Dubai Islamic Bank (DIB) yesterday (March 1) rang the market-opening bell to celebrate the listing of a $1 billion sukuk by the bank on Nasdaq Dubai.

Mohamed Abdulla Al Nahdi, deputy chief executive of DIB, rang the bell.

The listing, carried out under DIB’s $5 billion sukuk programme, was the largest senior sukuk issuance by a financial institution globally. It brings the total value of DIB’s current sukuk listings on Nasdaq Dubai to $4.25 billion, more than any other UAE issuer.

DIB is the UAE’s largest Islamic bank and a pioneer globally in promoting Islamic financing solutions. This issuance carries the additional accolade of being the largest ever such transaction by an Islamic bank in the history of Islamic capital markets.

Dr Adnan Chilwan, group CEO, DIB, said: “As a leading Islamic bank, we are committed to promoting successful Sharia’a-compliant financing solutions that support economic development in Dubai and the growth of its Islamic finance infrastructure. Nasdaq Dubai not only provides us with excellent links to investors both regionally and globally but also strong visibility in the marketplace with a well-regulated listing platform.”

The bell-ringing took place in the presence of Abdul Wahed Al Fahim, chairman of Nasdaq Dubai; Hamed Ali, chief executive of Nasdaq Dubai; and senior Nasdaq Dubai and DIB executives.  

The DIB Sukuk listing, which took place on February 15, raises the total value of all Sukuk listed on Nasdaq Dubai to $45.06 billion, further strengthening the exchange’s position as the world’s largest exchange for Sukuk listings by value. – TradeArabia News Service