Dubai:Nasdaq Dubai has marked the listing of a $500 million Sukuk issued by Sharjah Islamic Bank (SIB). The listing was celebrated through a market opening bell ringing ceremony at Nasdaq Dubai.
According to Emirates News Agency, the Sukuk was issued by SIB through SIB Sukuk Company III Limited. It is a five-year Senior Unsecured Sukuk with a profit rate of 5.850 percent and is set to mature in September 2031. The issuance attracted orders totaling $1.3 billion from both regional and international institutional investors.
The Sukuk is priced at 105 basis points over five-year US Treasuries and has been rated A- by S&P Global Ratings. It is dual-listed on Nasdaq Dubai and Euronext Dublin. This marks the 11th Sukuk issuance by SIB on Nasdaq Dubai, with total listings amounting to $5.5 billion.
To commemorate the listing, Ahmed Saad Ibrahim, Deputy Chief Executive Officer of SIB, rang the market opening bell at Nasdaq Dubai, accompanied by Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM). Ibrahim highlighted the strong demand for the Sukuk as a demonstration of investor confidence in the bank's financial strength and strategy, as well as the growth prospects of the UAE economy.
Hamed Ali remarked that SIB's consistent access to international capital markets over two decades has strengthened its relationship with Nasdaq Dubai. The exchange facilitates connections between issuers and investors, supporting cross-border capital flows and contributing to the growth of Sharia-compliant assets linked to the UAE economy.
Currently, Nasdaq Dubai's outstanding Sukuk listings amount to $98.2 billion, with total outstanding exchange debt listings at $144.6 billion.
