Nasdaq Dubai welcomed the listing of a $500 million Sukuk by the Sharjah Islamic Bank (SIB). This marks the bank’s sixth issuance under its $3 billion Trust Certificate Issuance Program, which was established in 2013.
The Sukuk will mature in July 2029. It attracted strong demand from both global and regional investors, recording an oversubscription by three times with orders reaching $1.5 billion.
UAE’s dynamic capital market
The demand for Sharjah Islamic Bank’s Sukuk reflects the global appeal of UAE’s dynamic capital market. With this issuance, Sharjah Islamic Bank’s total listings on Nasdaq Dubai stand at $1.5 billion. Moreover, it brings the total value of Nasdaq Dubai’s Sukuk listings to $93.89 billion, reinforcing its status as a leading global market for Sukuk issuances. Notably, the total value of listed bonds and Sukuk on Nasdaq Dubai now reaches $134.1 billion.
To celebrate the listing, Ahmed Saad Ibrahim, D-CEO, Sharjah Islamic Bank, rang the bell at the market-opening ceremony at Nasdaq Dubai, with Hamed Ali, CEO of Nasdaq Dubai and DFM.
“Our vision is to continue innovating and providing excellent financial services that cater to the needs of our diverse clientele. We have been consistent and successful in our foray into the international capital markets, an indication that the bank remains strong under prudent management,” stated Ibrahim.
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Sharjah Islamic Bank’s 9th public Sukuk issuance
Being one of the earliest Sukuk issuers in the market, Sharjah Islamic Bank issued its first Sukuk in 2006. This listing marks the bank’s 9th public Sukuk issuance and first since 2020.
The bank currently has a $500 million Sukuk maturing in June 2025. In addition, it has a call date of $500 million additional Tier 1 Capital Sukuk in July 2025.
“By facilitating these listings, Nasdaq Dubai continues to support the growth and diversification of the Islamic capital markets, offering issuers unparalleled visibility and access to a diverse investor base,” stated Hamed Ali.
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