Arabian Gazette

Emirates Islamic Bank floats US $1bn sukuk on NASDAQ Dubai

Emirates Islamic Bank (EIB) listed two sukuk, each with a nominal value of 500 million dollars, a total of 1 billion dollars (AED 3.67 billion), on NASDAQ Dubai. The issuances raised the total value of Sukuk listed on Dubai’s exchanges to 12.08 billion dollars (AED 44.4 billion), the third largest amount in the world. The listing of EIB’s Sukuk on NASDAQ Dubai took place in September. The yield on the HSBC/ NASDAQ Dubai US Dollar NASDAQ Dubai-Listed Sukuk Index has fallen to 3.76% from 4.5% at the beginning of September, implying greater demand for the securities in the index.

Qatar to emerge as Islamic finance hub

Qatar Financial Centre Authority in its first ‘Mena Asset Management Barometer‘ has predicted that Qatar will soon become a “key international distribution hub” for Shariah-compliant products. It suggests that Qatar’s position in the Islamic finance market will be boosted with the development of new infrastructure projects that will help in the growth of alternative fund structures and encourage public-private partnerships. However, the report also highlights that the asset management sector in Qatar is still in its infancy and the alternative sector will need time to develop. Besides, Qatar was also chosen by hedge fund management firms as the most favored location to establish a presence in the GCC.

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