Nasdaq Dubai witnessed a significant development in Islamic finance with the listing of Emirates Islamic’s first-ever sustainability sukuk. This issuance marks a milestone for both the bank and the region, solidifying Dubai’s position as a global leader in Islamic finance innovation.
The $750 million, five-year sukuk is part of Emirates Islamic’s $2. 5 billion certificate issuance program. The issuance attracted strong investor interest, with 44% of orders originating from outside the Middle East and North Africa (MENA) region. This robust global demand allowed Emirates Islamic to tighten yields, reflecting the sukuk’s attractiveness to a diverse investor base.
Commenting on the listing, Emirates Islamic CEO, Essa Al Qassim, highlighted the bank’s commitment to pioneering Shariah-compliant financial solutions that cater to the evolving needs of customers and communities. He emphasized that this sustainability sukuk issuance aligns with the bank’s dedication to fostering a sustainable future in accordance with Islamic values.
Hamed Ali, Chief Executive Officer of both Nasdaq Dubai and the Dubai Financial Market (DFM), applauded the listing, recognizing its significance in propelling sustainable investments within the region. He underscored that such innovative listings not only bolster Dubai’s position as the world’s leading Islamic finance hub but also contribute to fostering a robust and diversified financial ecosystem that prioritizes environmental, social, and governance (ESG) principles.
The Emirates Islamic sustainability sukuk listing adds to Nasdaq Dubai’s impressive credentials in the Islamic finance sphere. Dubai boasts the leading position globally for sukuk listings, with a staggering 44% of the $93 billion issued by UAE entities listed on the exchange. The remaining issuances hail from countries beyond the UAE, solidifying Dubai’s status as a premier destination for international sukuk listings.
This recent development further strengthens Nasdaq Dubai’s commitment to ESG integration within the financial landscape. With the Emirates Islamic sukuk, the exchange’s total value of ESG listings has reached $29 billion, with sustainability issuances accounting for $9. 5 billion. This figure reflects the growing importance of ESG considerations for investors and issuers alike.
The Emirates Islamic sustainability sukuk listing on Nasdaq Dubai paves the way for a future where Islamic finance and sustainable development initiatives converge. This development presents exciting possibilities for the future of Islamic finance, not only within the UAE but also on a global scale.
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This article first appeared on Greenlogue and is brought to you by Hyphen Digital Network
