Dubai government issues $75 million in Sukuk listings

May 1, 2014 10:30 am

An additional $750 million in Islamic bonds has been added to the Dubai Financial Market (DFM), according to an announcement made by Essa Kazim, chairman of the DFM and secretary-general of the Dubai Islamic Economy Development Centre today (Wednesday, April 30). This raises the total value of the DFM to $20.38 billion.

“The listing underlines the accelerating pace of efforts aimed at reinforcing Dubai’s position as the capital of Islamic economy and global Sukuk centre, in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to position Dubai as the global capital of the Islamic Economy, under the direction of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council. Dubai is the world’s third-largest venue for Sukuk listings and this listing raises the total value of Sukuk listed on Dubai capital markets to $20.38bn.”

These bonds, which were issued today, will mature in 2029 and will be traded over-the-counter via Clearstream and Euroclear.