Dubai – Mubasher: Nasdaq Dubai has welcomed Emirates Islamic Bank's debut $750 million sustainability sukuk issuance under its $2.50 billion programme.

The five-year sukuk took the bank's total listings on Nasdaq to $2.02 billion across four offerings, according to the Emirates News Agency (WAM).

The issuance attracted strong global demand, with 44% of orders from outside the MENA region. The oversubscribed book allowed Emirates Islamic to tighten yields to 5.431%.

Proceeds from the sukuk comply with the sustainable finance framework and Shariah principles of Emirates NBD Group, the majority owner of Emirates Islamic Bank.

Hesham Abdulla Al Qassim, Chairman of Emirates Islamic, stated: “The listing of our first Sustainability Sukuk on Nasdaq Dubai represents our dedication to be the pioneering Shariah-compliant bank for customers, people, and communities, as well as our continuing commitment to fostering sustainability.”

“Emirates Islamic is committed to reducing its environmental impact, in line with the UAE Net Zero by 2050,” Al Qassim added.

Hamed Ali, CEO of Nasdaq Dubai and DFM, said: “Such innovative listings not only enhance our role as the leading global hub for Islamic finance but also reinforces our commitment to driving sustainable investments and fostering a robust and diverse financial ecosystem.”

Dubai leads globally as a sukuk listing hub, with 44% of the $93 billion from UAE issuers and the remainder from overseas. Nasdaq Dubai holds $129 billion of bonds and $29 billion of ESG listings.

In May 2024, Emirates Islamic Bank issued a $750 million five-year senior unsecured sustainability sukuk.

 

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