Sharjah Islamic Bank lists $500 million sukuk on Nasdaq Dubai
These perpetual sukuk, which cannot be redeemed before six years, were issued by the entity "SIB Tier 1 Sukuk IIND Ltd." They comply with Basel III requirements and saw strong demand from regional and international investors, providing the bank with additional capital to support its long-term growth plans.
With this listing, the total value of sukuk listed by Sharjah Islamic Bank on Dubai Nasdaq has risen to $2.5 billion through five listings, enhancing Dubai's strategic role in developing the Islamic capital markets ecosystem.
To celebrate the listing, Ahmed Saad, Deputy CEO of Sharjah Islamic Bank, rang the opening bell for the trading session at Dubai Nasdaq, alongside Hamed Ali, CEO of Dubai Nasdaq and Dubai Financial Market.
Ahmed Saad stated that the listing of the $500 million perpetual capital sukuk on Dubai Nasdaq is a strategic step that enhances Sharjah Islamic Bank's position as a leading financial institution trusted by investors both locally and internationally. He noted that this issuance supports their long-term growth plans and strengthens their capital base in line with Basel III requirements, solidifying their financial position.
He emphasized the importance of the ongoing partnership with Dubai Nasdaq, the leading platform that serves as a comprehensive window to global markets, providing a stimulating environment to attract capital. He mentioned that through this listing, Sharjah Islamic Bank reaffirms its commitment to supporting the UAE's efforts to establish itself as a global hub for Islamic finance and actively contribute to the growth and sustainability of this vital sector.
For his part, Hamed Ali, CEO of Dubai Nasdaq and Dubai Financial Market, confirmed that this listing is an important step that goes beyond capital raising, reflecting a comprehensive shift led by pioneering regional institutions like Sharjah Islamic Bank towards developing and diversifying local debt markets.
He clarified that as the demand for diverse investment instruments compliant with Islamic law continues to grow, Dubai Nasdaq is solidifying its position as a trusted center for innovation in the Islamic finance sector. The ongoing momentum in sukuk issuances serves as tangible evidence of the maturity of the financial ecosystem, which now bridges local aspirations with global capital flows.
He added that the continuous relationship with Sharjah Islamic Bank underscores the strategic role that financial institutions play in building robust capital markets that keep pace with future changes in the UAE and beyond.
With this listing, the total value of sukuk listed on Dubai Nasdaq reached $95.7 billion, reinforcing its position as one of the largest global destinations for listing Sharia-compliant fixed-income instruments.
The total debt instruments market on Dubai Nasdaq has surpassed $136 billion, distributed across 160 listings, reflecting the growing confidence of international investors in Dubai's status as a key destination connecting capital flows between the Middle East and the world.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al Etihad
3 days ago
- Al Etihad
CBUAE organises Climate Forum, ‘Network for Greening the Financial System' meeting in Abu Dhabi
19 June 2025 20:14 ABU DHABI (WAM)Under the Patronage of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Chairman of the Presidential Court, and Chairman of the Board of Directors of the Central Bank of the United Arab Emirates (CBUAE), the CBUAE is organising its first Climate Forum and a meeting of the Network for Greening the Financial System (NGFS) at the St. Regis Saadiyat Island Resorts, Abu Dhabi, on June 26, two-day event demonstrates the CBUAE's commitment to driving sustainable finance and leading the transition towards a more sustainable financial system, in line with the UAE's vision to achieve net zero by Climate Forum brings together financial leaders, policymakers, international experts in sustainable finance and climate risks, and senior officials from regulatory bodies, central banks, and international financial aim is to exchange insights on ways to foster better integration of climate policies in risk management and investment and to explore effective solutions for enhancing financial sector resilience in the face of future climate and environmental will also address frameworks for activating regional and international cooperation in the areas of monetary policy, regulation and sustainable Islamic finance, thereby strengthening the complementary roles between the public and private sectors. This further underscores the UAE's growing position as a regional and international hub for leading the global dialogue on the future of sustainable NGFS meeting will be centred on 'greening' monetary policy frameworks. Discussions will focus on integrating climate change impacts into monetary policy formulation and operations, alongside reviewing the NGFS's latest work progress and plans. Since its inception in 2017, the NGFS has become a global force, uniting over 160 central banks and financial Mohamed Balama, Governor of the CBUAE, said, "The convening of the Climate Forum and the Network for Greening the Financial System meeting marks a milestone amidst the global shifts in economic policies and the growing climate challenges. In line with the wise leadership's vision for the UAE and its commitment to achieving net zero by 2050, the CBUAE continues to solidify its pivotal role in spearheading financial sustainability." He added, "This is achieved by strengthening the green finance infrastructure and developing regulatory frameworks that support the integration of climate risks within the financial sector's ecosystem, thereby enhancing its resilience, reinforcing its stability, and achieving the desired balance between economic growth and sustainability."
Al Etihad
4 days ago
- Al Etihad
Taaleem signs deal to acquire 95% stake in Kids First Group
19 June 2025 09:38 A. SREENIVASA REDDY (ABU DHABI)Taaleem Holdings, a leading K–12 premium education provider in the UAE and a Dubai Financial Market-listed company, has signed a deal to acquire a 95% stake in Kids First Group Limited (KFG), a prominent early-years education network operating across the a stock market disclosure on Thursday, Taaleem said the acquisition will be funded through a mix of equity and debt and is expected to close by the fourth quarter of its 2024/25 financial year, subject to regulatory approvals. The cost of the transaction was not disclosed in the statement. 'This strategic move reinforces our defensive positioning and our commitment to scalable, high-quality education in the region,' said Alan Williamson, Chief Executive Officer of Taaleem, in the operates over 30 premium nurseries in Dubai, Abu Dhabi, and Doha under well-known brands such as Redwood Montessori Nursery, Odyssey Nursery, Willow Children's Nursery, Ladybird Nursery, and Children's Oasis Nursery. The group serves over 5,000 students and employs more than 1,000 said the acquisition allows it to strategically expand into the rapidly growing early learning education sector, complementing its existing portfolio of 32 schools — which includes 10 premium private schools and 22 government-partnership institutions. Its premium schools span international curricula: five IB schools, four British curriculum schools, and one American curriculum to the company, KFG's scalable model and profitability will immediately enhance Taaleem's earnings and cash flow. Post-acquisition, KFG will operate as a standalone vertical within the Taaleem group, with its founder — who retains a 5% stake — continuing as CEO alongside the existing management which was listed on DFM in November 2022, currently has a market capitalisation of Dh3.6 billion. It is indirectly owned by the Government of Dubai, with National Bonds and Knowledge Fund holding stakes of 22.5% and 13.7% respectively. The company said it would hold a dedicated virtual investor call to provide further details on the transaction.
Middle East Eye
5 days ago
- Middle East Eye
Egypt's Sisi accused of 'giving away' strategic Red Sea land of Ras Shukeir after decree
In a move sparking shockwaves in Egypt, President Abdel Fattah el-Sisi has approved the transfer of a massive area of coastal land in the Red Sea province for sovereign sukuk (Islamic bonds) issuances in a bid to ease the country's soaring debt. The decision to allocate 174 sq km of land in the oil-rich Ras Shukeir area to the Ministry of Finance to use as sukuk has not been preceded by public parliamentary debates or discussions within civil society. Neither has the decree - published in the official gazette on 10 June - provided further details. The announcement only detailed the coordinates of the parts of the land. Sukuk are Islamic financial certificates similar to bonds, but structured to comply with Sharia law by involving shared ownership in tangible assets or investment ventures rather than interest-based debt. The announcement comes as Egypt intensifies its search for means of alternative financing to ease pressure on foreign reserves and contain mounting external debt amid a challenging economic crisis that has hit the country hard over the past years. New MEE newsletter: Jerusalem Dispatch Sign up to get the latest insights and analysis on Israel-Palestine, alongside Turkey Unpacked and other MEE newsletters Regime critics were quick to condemn Sisi's call, viewing it as part of a broader state asset sell-off and an attempt to attract Gulf investors through Islamic Sharia-compliant financial deals. Last year, Egypt signed a $35bn deal with Abu Dhabi's ADQ sovereign fund to develop Ras el-Hekma on the Mediterranean coast. The agreement provided an injection of hard currency and temporarily eased pressure on the Egyptian pound. 'They are fooling Egyptians by saying this is not a debt-settling purchase. Sukuk is partial ownership of an asset that can be traded on financial markets' - Egypt opposition group Despite technical differences between the two arrangements, economists believe the government is trying to replicate that model: using land assets to generate liquidity. 'The move reflects a broader government policy of converting government-held assets into cash to finance debt issuance or meet ongoing financial obligations,' financial analyst Ahmed Abdel-Thaher told Middle East Eye. 'In this case, land - traditionally a non-liquid asset - is being leveraged to generate instant revenue. This way, returns are tied to the projected development or rental income of the land,' he explained. Egypt's external debt stands at nearly $155bn. Before the current fiscal year ends on 30 June, the country is committed to repaying around $60.8bn of that total. 'The Egyptian regime adopts a policy of hegemony of decision-making… and the external support [of Gulf nations]… when the Saudis or the Emiratis come to the rescue,' said political sociologist Dr Said Sadek. Tiran and Sanafir: Red Sea islands are now a chokehold over Egypt's security Read More » 'Economic dependency leads to political dependency and the loss of independence. The current economic policy is, inevitably, leading towards this direction,' Sadek told MEE. In response to the growing debate, the Ministry of Finance said in an official statement on Wednesday that the land would not be sold but used as collateral to issue sukuk to 'secure financing under favourable terms for covering the needs of the state's general budget'. The ministry further insisted the land remains state-owned. Ras Shukeir (also spelt Ras Shokeir) is located along the Red Sea coastline on the western coast of the Gulf of Suez, about 350km from the capital, Cairo. The area is also strategically significant due to its maritime activities and its role as a hub for green hydrogen and ammonia projects. 'Partial ownership' Opposition in Egypt and abroad, nonetheless, argues that Ras Shukeir holds too much strategic and economic value to be collateralised. 'We opposed the government's policy of taking further external borrowing, crying out again and again in warning of its terrible aftermath. But no one was hearing. All voices of opposition were criticised and rejected,' former presidential candidate Khaled Ali wrote in a Facebook post. 'Ramifications have been serious. We have borne the brunt of this policy through the collapse of the Egyptian pound's purchasing power and its continued decline against foreign currencies,' added Ali, also a prominent human rights lawyer. How Egypt lost its regional power – and became complicit in Gaza's siege: One on One with Hossam el-Hamalawy Read More » A darker scenario looms: that the sukuk issuances may not, eventually, yield sufficient revenue. 'Even if such deals bring in foreign currency, the government is giving away the country's assets and lands for temporary relief,' said a renowned economics professor, who asked to be unnamed for security reasons. 'What is going to happen when bonds mature and the revenues fall short?' he rhetorically asked. The exiled Egyptian Revolutionary Council voiced similar concerns. 'They are fooling Egyptians by saying this is not a debt-settling purchase. Sukuk is partial ownership of an asset that can be traded on financial markets. It might be a means of land acquisition, especially if Egypt cannot pay its sukuk due… considering the regime's indecisive economic policies and ongoing corruption over the past decade,' the Istanbul-based group argued in a post on X. National security concerns Although the presidential decree dictates that the military will oversee strategic areas in Ras Shukeir, national security concerns remain. 'The Red Sea coast - namely around Bab el-Mandeb and the Suez Canal entry points - is of huge strategic significance, crossing military, economic and geopolitical domains,' said a retired high-ranking army officer, asking to remain anonymous for not being authorised to talk to the media. 'With rising regional tensions, especially the Houthi attacks on Red Sea shipping lanes, control over Ras Shukeir and nearby areas has become more crucial,' the retired officer told MEE. Ras Shukeir is a key transit hub for crude oil exports and domestic energy infrastructure, linking Gulf oil flows to the Suez Canal and Mediterranean markets. 'Any disruption or foreign control in this area could jeopardise Egypt's energy security and further involve the country in the broader regional struggle over trade routes, resource flows, and political dominance,' the army veteran concluded.
