Today's Edition
DUBAI (ALETIHAD)
Nasdaq Dubai welcomed the maiden Sustainability Sukuk issuance of $750 million by Emirates Islamic, one of the leading Islamic financial institutions in the UAE.
The five-Year issuance, which raised $750 million as part of the $2.5 billion Certificate Issuance Programme, marks a significant milestone in the bank’s sustainability journey and Islamic finance industry.
With this latest admission, the total value of Sukuk listings by Emirates Islamic on the exchange reached $2.02 billion through four listings.
The issuances reiterate Nasdaq Dubai's growing portfolio of listed debt securities and its consistent focus on facilitating innovative financial instruments.
The issuance witnessed robust demand from investors across different regions, with 44 percent of orders coming from outside of MENA region.
The strong order book, which exceeded $2.10 billion i.e., an oversubscription of 2.8 times, allowed the bank to tighten the expected profit rate to 5.431 percent per annum, at a spread of 100 basis points over five-Year US Treasuries.
This Sustainability Sukuk was issued in line with Emirates NBD Group’s Sustainable Finance Framework and in compliance with Shariah rules and principles as determined by Emirates Islamic’s Internal Shariah Supervision Committee.
To commemorate the successful listing Chairman or Emirates Islamic and Vice Chairman and Managing Director of Emirates NBD, Hesham Abdulla Al Qassim, rang the bell at the market-opening ceremony at Nasdaq Dubai, along with Hamed Ali, CEO of Nasdaq Dubai and DFM.
Al Qassim said: “The listing of our first Sustainability Sukuk on Nasdaq Dubai represents our dedication to be the pioneering Shariah-compliant bank for customers, people, and communities, as well as our continuing commitment to fostering sustainability. We are proud to partner with Nasdaq Dubai to bringing to market a wide range of financial products to our customers, helping to foster a future built on sustainable growth in accordance with Islamic values. Emirates Islamic is committed to reducing its environmental impact, in line with the UAE Net Zero by 2050.”
CEO of Nasdaq Dubai and DFM, Hamed Ali, said, “Nasdaq Dubai welcomes Emirates Islamic’s debut Sustainability Sukuk, marking another milestone in our strong partnership. Such innovative listings not only enhance our role as the leading global hub for Islamic finance but also reinforces our commitment to driving sustainable investments and fostering a robust and diverse financial ecosystem.”
As a leading global centre for Sukuk listings, Dubai boasts an outstanding value of $93 billion in Sukuk issuances. Following Emirates Islamic’s latest addition, 44 percent of these listings by value are from UAE issuers, while 56 percemt are from overseas issuers.
The exchange continues to solidify its status as the premier platform regionally and globally for both fixed income and ESG-related listings.
It holds an outstanding total value of $129 billion in listed fixed income and $29 billion in ESG listings, of which sustainability issuances account for $9.5 billion, including the recent listing of Emirates Islamic.
