IslamicFinance.de

Dubai has overtaken other financial centres in listing Islamic bonds on its exchanges, and is mounting a global drive to attract more listings while developing new channels to trade sukuk, Hamed Ahmed Ali, the chief executive of Nasdaq Dubai said. The exchange is working on ways to sell sukuk directly to retail investors, expanding the primary market beyond institutional buyers, and designing a sharia-compliant repurchase agreement, he said. Sukuk listed on Dubai’s two exchanges, Nasdaq Dubai and Dubai Financial Market, rose to $36.7 billion last month from $7bn in 2013. Nasdaq Dubai accounts for the vast majority. Until 2013, issuers from the Gulf usually chose European exchanges to list sukuk; that has begun changing.