You are hereHome CategoriesNews
International Finance Corporation lists its first Sukuk on NASDAQ Dubai
Source: BI-ME , Author: BI-ME staff
Posted: Wed November 4, 2009 10:52 pm

UAE. The International Finance Corporation (IFC), a member of the World Bank Group, today listed its first Sukuk on NASDAQ Dubai, the international exchange serving the Middle East.

Jeff Singer, Chief Executive of NASDAQ Dubai, said: "The launch of the IFC's and the World Bank's first Sukuk and its listing on NASDAQ Dubai are a significant step in the continuing integration of Islamic finance into the global financial system.

“We are delighted to support the Sukuk as its primary listing venue, providing a regulatory structure that promotes transparency for investors and visibility for the issuer."     

NASDAQ Dubai is the world’s largest exchange for Sukuk by listed value, with 21 listed Sukuk valued at US$16.7 billion.

HE Dr Omar Bin Sulaiman, Governor of the Dubai International Financial Centre (DIFC) and Vice Chairman of the UAE Central Bank, said: "DIFC is delighted that the IFC and World Bank Group selected NASDAQ Dubai as the primary listing venue for its first sukuk issue.

As the first non-Islamic financial institution to issue a sukuk for term funding in the GCC, this truly is a ground breaking transaction and clearly demonstrates the growing importance of the region within the global financial system.

“NASDAQ Dubai and DIFC remain instrumental in building the regulatory and legal infrastructure to develop a Islamic finance securities market and facilitate the creation of new financing opportunities for global issuers.

This listing further enhances DIFC’s stature as a leading global hub for Islamic finance transactions.”

The IFC’s $100 million Sukuk is the first to be issued by any non-Islamic financial institution in the Gulf Cooperation Council for term funding. The Sukuk has a Moody’s Aaa rating and the IFC has raised the money to fund health and education investments in the region. The IFC announced the planned listing of the Sukuk last month. 
 
The securities of IFC’s Sukuk are the first to be held on NASDAQ Dubai’s central securities depositary, providing securities holders with an efficient and streamlined service.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: October 25, 2014
QATAR. Real GDP growth slowed to 7.3% in Q3 2014; However, the days of voracious Chinese demand driving up global commodity prices are probably over.
date:Posted: October 25, 2014
UAE. "When the system collapses, it is not the end of the world. It simply means that the major trading and financial powers in the world come together in a conference to write new rules of the game." ICA Conference in Dubai to address lessons from global economic crisis.
date:Posted: October 23, 2014
UAE. Deflationary reading of data endangers risky assets; Global cues drive GCC markets; Growth scare unsettles investors; Extreme bearishness on oil may be overdone.
UAE. "When the system collapses, it is not the end of the world. It simply means that the major trading and financial powers in the world come together in a conference to write new rules of the game." ICA Conference in Dubai to address lessons from global economic crisis.
dhgate