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19 March 2024

Dh2.75bn sukuk boosts Dubai as Islamic finance hub

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By Staff

Dubai has announced the listing of a $750 million (Dh2.75 billion) Sukuk for the Government of Dubai on DFM (Dubai Financial Market) on Wednesday, April 30, 2014. The 15-year issue matures in 2029.

“The listing underlines the accelerating pace of efforts aimed at reinforcing Dubai’s position as the capital of Islamic economy and global Sukuk centre,” said Essa Kazim, Chairman of DFM and Secretary General of the Dubai Islamic Economy Development Centre.

“Dubai is the world’s third largest venue for Sukuk listings and this listing raises the total value of Sukuk listed on Dubai capital markets to $20.38 billion [Dh74.85bn],” he added.

The new issue will be OTC traded and settled through Clearstream and Euroclear, not DFM.