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Nasdaq Dubai welcomes listing of $1.5b sukuk by Islamic Development Bank to support COVID-19 interventions

Gulf News 2020-06-28 16:52:08

Dubai: Nasdaq Dubai on Sunday welcomed the listing of a $1.5 billion dollar sukuk issued by Islamic Development Bank (IsDB) to support COVID-19 relief initiatives.

The capital raised will fund medical, social and business projects in many of the bank’s 57 member countries aimed at protecting health and improving lives.

The sukuk is the second to be issued under IsDB’s Sustainable Finance Framework, following its debut Green sukuk last year and is the first ever AAA-rated Sustainability sukuk in addition to being the first COVID-19 related sukuk in the global capital markets. It brings the number of IsDB sukuk listed on the region’s international exchange to 12 with a total value of 16.14 billion US dollars.

“Our debut Sustainability Sukuk issuance will play a vital role in social projects that improve healthcare facilities, equipment and critical staffing in member countries to mitigate the effects of COVID-19, as well as support small and medium-sized businesses and promote employment as countries recover from the effects of the disease," said Dr. Bandar Hajjar, President of IsDB

The listing brings the total value of Sukuk listed in Dubai to 70.79 billion US dollars, reinforcing Dubai’s status as one of the largest Sukuk listing centres in the world by value.

“IsDB’s latest listing demonstrates the effectiveness of global collaboration in the Islamic capital markets to protect and improve the welfare of individuals and stimulate economic development. The listing underlines the growth of Dubai 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 Minster, and Ruler of Dubai,” said Essa Kazim, Governor of Dubai International Financial Centre, Secretary General of Dubai Islamic Economy Development Centre, and Chairman of Dubai Financial Market.