John Iossifidis, Chief Executive Officer of Noor Bank, one of the leading Shari’a compliant banks in the UAE, today rang the market-opening bell to celebrate the listing of a US$500 million Sukuk on Nasdaq Dubai.
The capital raised supports Noor Bank’s continuing rapid growth as a fully scalable universal Islamic bank across the UAE active in a wide range of products and services including retail, corporate and investment banking as well as treasury and insurance. Dubai-based Noor Bank has arranged more than US$64 billion worth of syndication and capital market transactions since 2008.
Listed on 24 April 2018, Noor Bank’s US$500 million Sukuk is a five-year instrument that was oversubscribed 2.1 times following a successful international roadshow. It is Noor Bank’s third Sukuk to be hosted by the region’s international exchange, following two listings of US$500 million each in 2015 and 2016.
The bell-ringing was attended by His Excellency Essa Kazim, Governor of Dubai International Financial Centre (DIFC), Secretary General of Dubai Islamic Economy Development Centre (DIEDC), Chairman of Dubai Financial Market (DFM), and Vice Chairman of Noor Bank; as well as Hamed Ali, Chief Executive of Nasdaq Dubai, and senior Noor Bank executives.
John Iossifidis, said: “The capital we successfully raised in a competitive funding environment substantially diversifies our investor base. The proceeds will contribute to Noor Bank’s strategy of expanding and developing its core business areas aligned with the vision of the UAE and Dubai. Our listing on Nasdaq Dubai provides our Sukuk with global visibility and an internationally recognised regulatory framework from within the emirate where we are based.”
His Excellency Essa Kazim, Governor of DIFC, Secretary General of DIEDC, Chairman of DFM, and Vice Chairman of Noor Bank, said: “The streamlined issuance and listing of Noor Bank’s latest Sukuk demonstrates the strength and depth of expertise and commitment in Dubai to the Islamic bond sector, as well as the policy of the emirate’s leading entities to work together for the common good. Dubai will continue to develop its expertise in this field in line with its growth as the global capital of the Islamic economy under the initiative launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minster of the UAE and Ruler of Dubai.”
Noor Bank’s Sukuk listing underlines Dubai’s role as the largest global centre for Sukuk listings by value, currently totaling US$59.72 billion.
Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said: "This listing by a leading UAE financial services company provides further evidence of strong activity in the Sukuk sector, with 10 listings so far this year on Nasdaq Dubai from UAE and international issuers, valued at a total of US$8.75 billion. Nasdaq Dubai will further enhance its infrastructure in order to provide a competitive and flexible listing environment that meets issuers’ evolving requirements.”
Hamed Ali, Chief Executive of Nasdaq Dubai, said: "Our collaboration with Noor Bank underlines our successful strategy of forming deep relationships with prominent issuers of Islamic securities, through which we are expanding the Sharia’a-compliant financial services sector and further increasing public confidence in Islamic products. As the Islamic capital markets extend their reach in the region and internationally, we are preparing to introduce further initiatives and innovation across a variety of asset classes.”
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