Noor Bank lists $500m sukuk on Nasdaq Dubai

Hussain Al Qemzi rings the market-opening bell to celebrate the listing of Noor Bank's sukuk on Nasdaq Dubai.

By Staff Report

Published: Wed 13 Jul 2016, 6:39 PM

Last updated: Wed 13 Jul 2016, 8:41 PM

Hussain Al Qemzi, CEO of Noor Bank, rang the market-opening bell on Wednesday to celebrate the listing of Noor Bank's $500 million debut tier 1 sukuk on Nasdaq Dubai.

It was the 11th sukuk listing in Dubai this year, as well as the first perpetual tier 1 sukuk issued this year from the UAE. The total nominal value of listings in Dubai has reached $44.56 billion.

The bell-ringing ceremony took place in the presence of Essa Kazim, governor of Dubai International Financial Centre, secretary-general of Dubai Islamic Economy Development Centre and chairman of Dubai Financial Market; and Hamed Ali, chief executive of Nasdaq Dubai.

Kazim said: "The successful issuance of this sukuk by a leading UAE bank, followed by its listing on Dubai's international exchange infrastructure, demonstrates Dubai's excellence across all aspects of the Islamic bond sector."

Al Qemzi said: "We are delighted with the outcome of our debut tier 1 issuance, which witnessed strong investor demand in the international capital markets. Our listing on Nasdaq Dubai provides the issuance with global visibility and internationally recognised regulatory architecture. Through this issuance, we will significantly boost our capital ratios to further support the bank's future balance sheet growth."

The perpetual tier 1 sukuk listed on Nasdaq Dubai on June 2, 2016. The listing follows Noor Bank's inaugural $500 million senior unsecured sukuk which was listed on the exchange in April 2015.

Abdul Wahed Al Fahim, chairman of Nasdaq Dubai, said: "The issuance and listing of Noor Bank's latest sukuk provides further evidence that activity in the Islamic bond market is strong, as a result of significant issuer appetite for capital and investor demand for well-structured Islamic products. Nasdaq Dubai will further enhance its infrastructure and procedures to provide a competitive listing environment that meets issuers' changing requirements."

Ali said: "We are in discussions with a substantial number of potential sukuk issuers who wish to list their securities on the exchange in coming months, to benefit from the high profile and regulatory excellence that it provides. As the Islamic capital markets expand and develop both in the region and internationally, we are preparing to introduce further initiatives and innovation in a variety of asset classes."

- business@khaleejtimes.com