Dubai Islamic Bank has listed a Sukuk for $750 million on Nasdaq Dubai, the Middle East’s international financial market.
According to the Government of Dubai Media Office, the five-year Sharia-compliant bond is part of the bank’s $7.5 billion Sukuk program.
This is the first Sukuk issuance of the year for the country. The sale by the UAE’s largest Islamic banking drew strong investor interest and was more than 2.5 times oversubscribed.
The bonds were priced at 95 basis points with a 2.74 percent profit rate. This move comes as part of Dubai’s efforts to boost its position as one of the world’s leading sharia-compliant securities listing centres.
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