His Highness Sheikh Omar bin Saqr Al Qasimi, Executive Manager of the Investment & Development Office of Ras Al Khaimah, today celebrated the listing of a 500 million dollar (AED 1.84 billion) Sukuk by RAK Capital on NASDAQ Dubai, by ringing the market opening bell at Dubai Financial Market (DFM).
It was the ninth Sukuk listing on Dubai’s exchanges so far this year. This brought the total nominal value of all their listed Sukuk to 12.58 billion dollars (AED 46.2 billion), the third highest amount in the world, underlining the growing success of the ‘Dubai, the Capital of the Islamic Economy’ initiative.
The bell-ringing ceremony took place in the presence of Essa Kazim, Chairman of Dubai Financial Market (DFM) and Secretary General of the Higher Committee for Development of the Islamic Economy sector; Abdul Wahed Al Fahim, Chairman of NASDAQ Dubai; and Hamed Ali, Chief Executive of NASDAQ Dubai.
His Highness Sheikh Omar bin Saqr Al Qasimi said: “The highly successful Sukuk issued by the Emirate of Ras Al Khaimah via RAK Capital provides Shari’a compliant financing that will support the continuing sustainable economic development and infrastructure expansion in the Emirate of Ras Al Khaimah. Our sole listing on NASDAQ Dubai, as an exchange in the UAE that operates to international standards, provides us with a first-class regulatory environment that is well respected regionally and internationally.”
Essa Kazim, Chairman of Dubai Financial Market (DFM, and Secretary General of the Higher Committee for Development of the Islamic Economy sector said: “Dubai’s exchanges are playing a rapidly expanding role in supporting the Islamic funding needs of organizations across the UAE and beyond, including though a growing number of listings from various emirates from public as well as private sector businesses. This expanding activity demonstrates the clear progress that is underway towards positioning Dubai as the global Capital of the Islamic Economy, in line with the initiative of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President, Prime Minster and Ruler of Dubai, under the direction of His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council.”
The total nominal value of Sukuk that have listed on NASDAQ Dubai and Dubai Financial Market (DFM) in 2013 so far has now reached 6.15 billion dollars (AED 22.6 billion).
Abdul Wahed Al Fahim, Chairman of NASDAQ Dubai, said: “In a competitive global environment, NASDAQ Dubai has strategically enhanced its Islamic capital markets framework. As it builds further critical mass in the number and value of Islamic listed securities, it will continue to broaden the scope of services that it provides to issuers and investors in the Islamic sector.”
Hamed Ali, Chief Executive of NASDAQ Dubai, said: said: “The exchange is delighted to provide an effective Sukuk listing venue for RAK Capital, as a dynamic financial institution that is active in promoting funding for development activities in Ras Al Khaimah and beyond. The value of new Sukuk listings on NASDAQ Dubai so far in 2013 has now reached 5.4 billion dollars (AED 19.8 billion) and we look forward to further listings in coming months.”
RAK Capital’s Sukuk listed on NASDAQ Dubai on October 22, under a programme by which the government of Ras Al Khaimah may issue Sukuk valued at a total of two billion dollars.