Emirates Islamic Bank floats US $1bn sukuk on NASDAQ Dubai
Emirates Islamic Bank (EIB) listed two sukuk, each with a nominal value of 500 million dollars, a total of 1 billion dollars (AED 3.67 billion), on NASDAQ Dubai. The issuances raised the total value of Sukuk listed on Dubai’s exchanges to 12.08 billion dollars (AED 44.4 billion), the third largest amount in the world. The listing of EIB’s Sukuk on NASDAQ Dubai took place in September. The yield on the HSBC/ NASDAQ Dubai US Dollar NASDAQ Dubai-Listed Sukuk Index has fallen to 3.76% from 4.5% at the beginning of September, implying greater demand for the securities in the index.
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