Sharjah Islamic Bank (SIB) marked the listing of 500 million dollar Sukuk on NASDAQ Dubai yesterday. Mohammed Abdulla, Chief Executive of SIB rang the opening bell at Dubai Financial Market (DFM) to celebrate the listing of the Sukuk on NASDAQ Dubai.

The listing of the Sukuk provides further support for the campaign to promote the ’Dubai the Center of Sukuk’ initiative launched in January 2013 by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President, Prime Minster and Ruler of Dubai, in line with His Highness’s vision to position the Emirate as the Capital of Islamic Economy globally.

SIB’s listing brings the nominal value of Sukuk listed on Dubai exchanges to 12.125 billion dollars, the third largest total in the world. This is the fifth listing lifting the total value of Sukuk listings this year to 4.250 billion dollars since the launch of the initiative.

The SIB Sukuk listing reflects the support of institutions from all over the UAE to Dubai’s initiative.

SIB’s Sukuk was more than six times oversubscribed with 53 per cent of the Sukuk allocated to MENA based investors, 30 per cent allocated to investors based in Asia and 17 per cent to investors based in Europe.

DFM published a draft ’Standard for Issuing, Acquiring, and Trading Sukuk’, the first comprehensive standard of its kind, in January 2013.

Present at the listing ceremony were Mohammed Abdulla Al Gergawi, Chairman of The Executive Office of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai, and Chairman of the Higher Committee for development of the Islamic Economy sector, Essa Kazim, Managing Director and Chief Executive of Dubai Financial Market (DFM) and Secretary General of the Committee, Ahmad Muhammad Al Shamsi, Vice Chairman of Sharjah Islamic Bank and Abdul Wahed Al Fahim, Chairman of NASDAQ Dubai.