A $700m sukuk has been listed on Nasdaq Dubai by DIFC Investments, pushing the nominal value of sukuk listings on the exchange above $24bn and reinforcing its position as one of the three largest venues in the world for sukuk listings. More than half this volume ($12.8bn) has been listed this year.

Essa Kazim, governor of Dubai International Financial Centre (DIFC), secretary general of Dubai Islamic Economy Development Centre (DIEDC) and chairman of Dubai Financial Market said, “DIFC Investments’s choice of Nasdaq Dubai for its sukuk listing provided important support for the success of the issuance, which was oversubscribed 4.3 times following a roadshow in the Middle East, Europe and East Asia". 

"The continued expansion of the exchange and its close links to international and regional investors are set to play a growing role in the success of DIFC in Islamic as well as conventional finance.”

Mohammed Abdulla Al Gergawi, DIEDC chairman said, “The listing of this sukuk by the investment arm of DIFC on the financial exchange that is based inside DIFC, highlights the culture of capital markets collaboration that exists within the financial centre and in Dubai as a whole. It also represents a significant step in Dubai’s progress towards becoming the global capital of Islamic economy.”

Hamed Ali, chief executive of Nasdaq Dubai, added that it was looking to develop other services for market participants seeking sharia-compliant solutions, including a range of trading and post-trading activities.

DIFC is home to more than 1,100 active registered companies.