Citi to handle sukuk clearance

Citibank has been appointed as the issuing and paying agent for the first sukuk to be cleared through the central securities depositary (CSD) of Nasdaq Dubai, the international stock exchange serving the Middle East.

The $100m (Dh367m) sukuk, issued by the International Finance Corporation (IFC), was listed on November 4, 2009. Nasdaq Dubai now has 22 listed sukuk with a nominal value of $17.2bn.

Steve Donovan, Head of Citi's Global Transaction Services, Middle East and Pakistan, said: "Citi is thrilled to be extending these services for the first time through the Nasdaq Dubai CSD in this landmark deal.

"The listing and clearing of the IFC sukuk is a significant step forward in the development of Dubai as a centre of excellence for the clearing, settlement and custody of debt securities. The inclusion of this new domestic market to the issuer services suite of domestic capabilities underscores the growing recognition of our securities and funds services business and our ongoing commitment to the region".

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