- A Sukuk programme is scheduled to be listed on the NASDAQ Dubai exchange with support from the UAE Government.
- UAE utilizes Nasdaq Dubai for T-sukuk issuance.
Sharjah Islamic Bank lists $500 million Sukuk on Nasdaq Dubai
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What happened
Sharjah Islamic Bank listed a US$500 million Senior Unsecured Sukuk through SIB Sukuk Company III Limited on Nasdaq Dubai. The five-year Sukuk carries a profit rate of 5.850 percent, matures in September 2031, and attracted orders totaling US$1.3 billion from institutional investors. The Sukuk received an A- rating from S&P Global Ratings and is dual-listed on Nasdaq Dubai and Euronext Dublin.
From mexicostar.com
Why it matters
The issuance supports the diversification of Sharjah Islamic Bank's funding sources. The successful listing was noted by bank officials as demonstrating investor confidence in the bank's financial strength and the growth prospects of the UAE economy.
The UAE utilizes Nasdaq Dubai for T-sukuk issuance, and a Sukuk programme is scheduled to be listed on the NASDAQ Dubai exchange with support from the UAE Government.
From mexicostar.com
Who's involved
- Dubai Financial MarketThe Dubai Financial Market, where the Sukuk is dual-listed.
- NASDAQ DubaiThe exchange through which Sharjah Islamic Bank issued the Sukuk.
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The entities involved
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Dubai Financial Market
Stock exchange located in Dubai, United Arab Emirates