Emirates Islamic lists $500m sukuk on Nasdaq Dubai
- Date: 06-Oct-2020
- Source: Gulf Business
- Sector:Financial Markets
- Country:UAE
Emirates Islamic lists $500m sukuk on Nasdaq Dubai
Dubai's Emirates Islamic successfully listed a $500m sukuk on Nasdaq Dubai on September 23, 2020.
On Monday, October 6, Hesham Abdulla Al Qassim, chairman of Emirates Islamic and vice chairman and managing director of Emirates NBD Group, rang the market-opening bell to celebrate the listing.
It achieved a profit rate of 1.827 per cent, the lowest for a sukuk issued by a UAE bank for 10 years, with a subscription of 2.4 times.
The issuance was rated A+ by Fitch Ratings and included a diverse investor base of 41 per cent in the Middle East and North Africa, 28 per cent in Asia, 17 per cent to US offshore investors and 14 per cent in Europe.
"Listing our sukuk on Nasdaq Dubai, as the region's international financial exchange, supports our links to investors
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