Nasdaq Dubai has welcomed the listing on its market of a US$500 million Sukuk issued by Majid Al Futtaim Holding. The listing brings the total value of Sukuk listings carried out on the exchange during 2015 to $13.25 billion, which is more than the total value that has listed during the year on the next three largest exchanges in the world combined.
Essa Kazim, Governor of Dubai International Financial Centre and Secretary-General of Dubai Islamic Economy Development Centre, said, "Majid Al Futtaim's listing underlines Dubai's position as the leading centre for Sukuk listings and its expansion as the global Capital of Islamic Economy, under the initiative of Vice President and Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum. The Emirate will continue to expand its range of Islamic finance solutions, with Sukuk at the forefront of innovation and development."
With Majid Al Futtaim's listing, which took place on November 4, the total nominal value of Sukuk listed in Dubai has reached $36.8 billion, more than any other exchange in the world. The Sukuk is the second to be listed by Majid Al Futtaim on the exchange, following a $400 million listing in 2013.
Alain Bejjani, Chief Executive Officer, Majid Al Futtaim Holding, said, "The capital raised by our Sukuk will drive Majid Al Futtaim's expansion and growth plans in new markets across the MENA region. Our listing on Nasdaq Dubai, as the region's international exchange, enhances our Sukuk's visibility to regional as well as global investors and provides us with an efficient regulatory framework that operates to global standards."
Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said, "Majid Al Futtaim's successful new issuance underlines the growing strength of the Sukuk sector as a vehicle for institutions based in the GCC and beyond to fund their development. We are committed to offering all our issuers a robust listing environment that provides confidence to their investors and the public."
Hamed Ali, Chief Executive of Nasdaq Dubai, said, "As well as providing regional and international issuers with the world's leading Sukuk market, Nasdaq Dubai is continually refining its listing procedures to give issuers streamlined access to the exchange in a manner that meets their fast-moving commercial needs. We are also enhancing our links to investors and post-listing services."