MOVE COMES AS A HUGE BOOST TO DUBAI’S PROJECTION AS THE CAPITAL OF ISLAMIC ECONOMY
DUBAI, Nov 2 — The Islamic Development Bank (IDB) has announced that it intends to list AED 37 billion Sukuk Program on Nasdaq Dubai, the region’s international exchange. The announcement was made at the World Islamic Economic Forum being held in London.
The move represents a momentous addition to the constant successes of (Dubai the Capital of Islamic Economy) initiative, as it increasingly attracting new strategic partners from local, regional and international institutions.
The IDB, which provides project financing for its 56 member countries, has expanded its Sukuk program to AED 37 billion from AED 24 billion dollars previously, as it increases its financial support for economic and social development.
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, said: “The significance success of (Dubai the Capital of Islamic Economy) initiative within a short period of time since it was launched, stems from the innovative vision of Sheikh Mohammed bin Rashid Al Maktoum, as well as the supervision and directives by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, to provide local, regional and international strategic partners with all necessary requirements to tap the sophisticated infrastructure and regulatory environment available in the UAE.”
Welcoming this significant development, Al Gergawi went as saying that the UAE, as a prominent member state of the IDB, is in an excellent position to provide a supportive and appreciative environment for the bank’s financing needs and activities. “We are confident that the continuing growth of Islamic finance sector in the UAE, as Dubai further builds up its expertise and capacity in Islamic financing solutions will make an increasingly valuable contribution to economic development and the well being of communities in the UAE, the region and internationally.”, he concluded.
Dr. Ahmad Mohamed Ali Al Madani, President of the IDB said: “As the IDB plans a significant expansion of its activities, Dubai’s world class exchange and regulatory architecture together with its commitment to providing Islamic finance solutions of the highest quality make it a natural home for our securities.”
“Supported by Sukuk listings on NASDAQ Dubai, as the international financial exchange based in the region, the IDB is well placed to finance its activities in sectors ranging from energy to transportation and agriculture to health and education across the Islamic world,” he added.
Essa Kazim, Chairman, of Dubai Financial Market and Secretary General of the Higher Committee, said: “Dubai’s rapid expansion as a centre for Sukuk, with new listings valued at more than US$6 billion so far in 2013, reflects its commitment to the Dubai, the global Sukuk centre’ initiative launched in February this year. As Sukuk issuance expands worldwide, we look forward to further listings from the private and public sectors as well as multilateral organisations.”
It is noteworthy that Dubai capital markets have successfully attracted Sukuk issues of Dh 46 billion since the launch of (Dubai, The Global Sukuk Centre) by Sheikh Mohammed bin Rashid Al Maktoum, and this number is expected to reach AED 60 billion by year end. –Wam