Latest news with #NasdaqDubai
Hi Dubai
5 days ago
- Business
- Hi Dubai
UAE Strengthens Global Leadership in Islamic Finance and Halal Industry
The UAE is accelerating its position as a global powerhouse in Islamic finance and the halal industry, launching a sweeping national strategy to drive innovation, economic diversification, and international competitiveness. The comprehensive plan, unveiled in May, outlines an integrated ecosystem for Islamic finance—including banking, Takaful (Islamic insurance), Sukuk (Islamic bonds), and non-banking services—anchored in global standards. This move is backed by modern infrastructure, progressive regulation, and targeted investment in knowledge-based growth. Islamic banking continues to expand its footprint, with recent data from the Central Bank showing it accounts for 18% of banking assets and nearly 23% of credit. As of February 2025, Islamic banks in the UAE extended AED503.5 billion in total credit, a 16% year-on-year rise. Deposits surged 16.9% to AED595.3 billion. The Islamic Sukuk sector is also surging. The launch of dirham-denominated Islamic Treasury Sukuk (T-Sukuk) in 2023 marked a milestone. Nasdaq Dubai now hosts over US$95.7 billion in listed Sukuk, placing the UAE among the world's top Sukuk listing centres. The country ranked fourth globally in Islamic finance markets by total assets in 2023, according to the Islamic Finance Development Indicator. Alongside finance, the UAE is scaling up its halal sector, aiming to grow exports from AED74 billion to AED315 billion by 2031. Local manufacturers are increasingly tapping into this growing market, driven by rising global demand for halal-certified goods. Saleh Lootah, Chairman of the UAE Food and Beverage Manufacturers Group, called the strategy a game-changer for positioning the UAE as a global halal production centre, citing the country's logistics advantages and world-class infrastructure. News Source: Emirates News Agency
Zawya
5 days ago
- Business
- Zawya
UAE's Islamic finance, halal industry poised for robust growth, economic diversification
ABU DHABI: The UAE continues to cement its status as a leading global hub for Islamic finance and the halal industry, aligned with a comprehensive development vision aimed at diversifying the national economy and enhancing global competitiveness. Backed by forward-thinking government policies, a modern regulatory framework, and cutting-edge financial and industrial infrastructure, both sectors are witnessing dynamic growth. The UAE is investing heavily in a knowledge- and innovation-based economy, with Islamic finance and halal products playing key roles in this transformation. In May, the UAE launched a national strategy for Islamic finance and halal industry development. The plan sets out to create an integrated ecosystem for Islamic financial activities, including banking, Takaful (Islamic insurance), Sukuk (Islamic bonds), and non-banking financial services—aligned with international best practices and standards. According to February data from the Central Bank of the UAE, Islamic banks now account for approximately 18% of total banking assets and 22.8% of total credit within the national banking sector. The Islamic Sukuk market, in particular, has expanded significantly. Notably, the federal government launch of the dirham-denominated Islamic Treasury Sukuk (T-Sukuk) in 2023, signaling a new era for the sector. The UAE is now recognised as one of the world's largest Sukuk listing centres. As of May, Sukuk listed on Nasdaq Dubai exceeded US$95.7 billion, reinforcing the country's position as a global hub for Sharia-compliant fixed-income instruments. In the 2023, the country was ranked fourth globally in Islamic financial markets by assets, according to the 2023 Islamic Finance Development Indicator based on total assets. Jamal Saleh, Director-General of the UAE Banks Federation (UBF), noted that the strategy outlines ambitious goals to elevate the Islamic economy's role both domestically, regionally, and internationally. In statements to the Emirates News Agency (WAM), Saleh highlighted the UAE's successful development of financial systems that have empowered the Islamic banking sector as part of the nation's broader diversification agenda. He pointed to significant strides in Islamic banking, Sukuk issuance, and broader Sharia-compliant finance. Saleh also noted the sector's impressive growth trajectory. As of February 2025, total credit granted by Islamic banks reached AED503.5 billion, a 16% year-on-year increase. Private sector credit alone stood at AED350.4 billion, growing 13.2% annually. Meanwhile, deposits at Islamic banks surged to AED595.3 billion, marking an annual growth rate of 16.9%. Parallel to its financial achievements, the UAE is asserting itself as a global halal industry hub. Under the newly approved national strategy, the UAE aims to increase halal exports from AED74 billion to AED315 billion by 2031, leveraging its strategic location and world-class infrastructure. Saleh Lootah, Chairman of the UAE Food and Beverage Manufacturers Group, in statements to WAM, said that the strategy is a landmark step toward establishing the UAE as a global halal production centre. He highlighted growing local manufacturer interest in expanding into this vital sector, particularly as global demand for halal products accelerates. According to a report by Bonafide Research on the halal food and beverage market in the UAE, the market size is projected to exceed $31.27 billion by 2029. This growth reflects the increasing demand for halal-certified products, both within the country and globally, as consumers become more conscious of dietary and ethical standards. The UAE's strategic location as a global trade and tourism hub plays a key role in driving this expansion. Its position enhances the country's appeal to both local and international consumers seeking trusted halal-certified goods, reinforcing the UAE's reputation as a leading centre for halal commerce.
Arabian Business
6 days ago
- Business
- Arabian Business
UAE targets Islamic finance and halal industry growth as bank deposits hit $162bn and $86bn export target set
The UAE has launched a bold national strategy to strengthen its leadership in Islamic finance and the halal industry, reinforcing its vision of economic diversification and global competitiveness. Backed by visionary government policies and a future-ready regulatory environment, the UAE is rapidly evolving into a global powerhouse for Sharia-compliant finance and halal-certified commerce. The recently unveiled national strategy aims to establish an integrated ecosystem covering Islamic banking, Takaful (Islamic insurance), Sukuk (Islamic bonds), and non-banking financial services—aligned with global standards. UAE Islamic finance Data from the Central Bank of the UAE in February 2025 reveals that Islamic banks now hold 18 per cent of total banking assets and 22.8 per cent of credit across the national banking system. The Islamic Sukuk market is also experiencing major growth, fuelled by the 2023 launch of the UAE's dirham-denominated Islamic Treasury Sukuk (T-Sukuk). Nasdaq Dubai now hosts over $95.7bn in listed Sukuk, establishing the United Arab Emirates as one of the world's largest centres for Sharia-compliant fixed-income instruments. Jamal Saleh, Director-General of the UAE Banks Federation (UBF), noted that the strategy outlines ambitious goals to elevate the Islamic economy's role both domestically, regionally, and internationally. Saleh highlighted the UAE's successful development of financial systems that have empowered the Islamic banking sector as part of the nation's broader diversification agenda. He pointed to significant strides in Islamic banking, Sukuk issuance, and broader Sharia-compliant finance. As of February 2025, credit granted by Islamic banks surged to AED503.5bn ($137bn), reflecting a 16 per cent year-on-year increase. Deposits grew even faster, reaching AED595.3bn ($162bn), up 16.9 per cent. UAE halal industry In parallel, the UAE is stepping up its ambitions to become a global halal manufacturing and export hub. Under the new national plan, halal exports are expected to rise from AED74bn ($20bn) to AED315bn ($86bn) by 2031. Saleh Lootah, Chairman of the UAE Food and Beverage Manufacturers Group, said that the strategy is a landmark step toward establishing the United Arab Emirates as a global halal production centre. He highlighted growing local manufacturer interest in expanding into this vital sector, particularly as global demand for halal products accelerates. According to Bonafide Research, the United Arab Emirates' halal food and beverage market is projected to exceed $31.27bn by 2029, reflecting strong domestic and international demand for halal-certified goods driven by rising consumer awareness of ethical and dietary standards. The country's geographic position continues to amplify its influence in global trade and tourism. This strategic advantage is central to its ability to attract investors, consumers, and manufacturers alike, solidifying the country's status as a leading hub for both Islamic finance and halal commerce.
Gulf Today
12-06-2025
- Business
- Gulf Today
Nasdaq Dubai welcomes ICBC's $1.72 billion Green Bond listings
Nasdaq Dubai on Thursday welcomed the listing of three Green Bond issuances totaling $1.72 billion by Industrial and Commercial Bank of China Limited (ICBC). The bonds were issued under the bank's $20 billion Global Medium Term Note Programme by its branches in Dubai (DIFC), Hong Kong, and Singapore. These issuances further strengthened ICBC's position as the leading Chinese issuer, as well as the leading RMB denominated bond issuer on the exchange. To commemorate the successful listing, Zhang Yiming, Ambassador of the People's Republic of China to the UAE rang the bell at the market-opening ceremony at Nasdaq Dubai in the presence of Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM) and Liu Hua, General Manager of ICBC Dubai (DIFC) Branch. Liu Hua, General Manager of ICBC Dubai (DIFC) Branch, said, 'The successful listing of ICBC's multi-currency carbon neutrality-themed green bonds issued by its branches in Dubai (DIFC), Hong Kong, and Singapore on Nasdaq Dubai reflects ICBC's confidence and commitment to the UAE capital market. As a pioneer in green financing, ICBC has significantly contributed to the environmental sustainability by extending green products, particularly within the framework of the Belt and Road Initiative. With a cumulative total of $5.6 billion outstanding bonds in the UAE, ICBC reaffirms its strategic foresight and dedication to fostering eco-friendly and sustainable development globally.' Hamed Ali, CEO of Nasdaq Dubai and DFM, commented, 'We are delighted to welcome ICBC's latest multi-currency Green Bond listings to Nasdaq Dubai, reflecting the strength of our partnership and the growing appeal of Dubai's capital markets among international issuers. These listings underscore Dubai's role as a trusted global hub for sustainable finance and reinforce our commitment to providing a transparent, innovative, and efficient marketplace that supports responsible investment. We look forward to continuing our collaboration with ICBC as they expand their ESG footprint globally.' Following this listing, Nasdaq Dubai's total debt listings have reached $136 billion, including $40 billion in bonds and $17 billion in Green Bonds. The exchange's ESG-related issuance portfolio at $29 billion, reaffirms its leadership in advancing sustainable finance across the region and beyond. Nasdaq Dubai continues to cement its position as a global leader in fixed income listings and a central platform for sustainable investment. Meanwhile Nasdaq Dubai on Tuesday welcomed the listing of a $500 million Additional Tier 1 (AT1) Sukuk issued by Sharjah Islamic Bank (SIB). The perpetual, non-call six-year AT1 Capital Certificates were issued by SIB Tier 1 Sukuk IIND Ltd and are compliant with Basel III regulations. The issuance attracted strong interest from both regional and international investors, providing Sharjah Islamic Bank with additional capital to fuel its long-term growth plans. This latest transaction brings the Bank's total outstanding on Nasdaq Dubai to $2.5 billion across five listings. It also reinforces Dubai's strategic role in advancing the Islamic capital markets ecosystem. To mark the occasion, Ahmed Saad, DCEO of Sharjah Islamic Bank, rang the market opening bell at Nasdaq Dubai in the presence of Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM). Saad commented, 'The successful listing of our $500 million perpetual Additional Tier 1 Sukuk on Nasdaq Dubai marks a significant milestone in Sharjah Islamic Bank's strategic growth journey. This issuance reflects our strong fundamentals, robust investor confidence, and commitment to maintaining a solid capital base in line with Basel III requirements.' Ali stated, 'This listing reflects more than capital raising -it's part of a broader shift as regional institutions like Sharjah Islamic Bank lead the deepening of local debt markets. As demand for diversified, Shariah-compliant instruments continues to grow, Nasdaq Dubai is proud to serve as a trusted platform for innovation in Islamic finance. 'The momentum we are seeing in Sukuk issuances signals a maturing financial ecosystem where local ambition meets global capital flows. SIB's continued engagement underscores the strategic role financial institutions play in building resilient, forward-looking capital markets across the UAE and beyond.' With this listing, the total value of Sukuk listed on Nasdaq Dubai has reached $95.7 billion, underlining its status as one of the world's largest venues for Islamic fixed-income securities. Nasdaq Dubai's broader debt capital market has now surpassed $136 billion across 160 listings, reflecting growing international confidence in Dubai as a gateway for capital flows between the Middle East and the world. Sharjah Islamic Bank (SIB) has successfully priced $500 million perpetual Additional Tier 1 sukuk with a fixed profit rate of 6.125 per cent and a six-year non-call period, making a mark as the tightest set AT1 Issuance in 2025 globally. WAM
Hi Dubai
12-06-2025
- Business
- Hi Dubai
ICBC Lists USD 1.72 Billion in Green Bonds on Nasdaq Dubai
Industrial and Commercial Bank of China (ICBC) has listed three green bond issuances worth a combined USD 1.72 billion on Nasdaq Dubai, reinforcing its leadership in sustainable finance and its commitment to the UAE capital market. The listings were made under ICBC's USD 20 billion Global Medium Term Note Programme through its branches in Dubai (DIFC), Hong Kong, and Singapore. The issuances include USD 1 billion floating rate notes by the Hong Kong branch, USD 300 million fixed-rate notes by the Singapore branch, and CNH 3 billion notes by the Dubai (DIFC) branch — all due in 2028. To mark the milestone, His Excellency Zhang Yiming, Ambassador of China to the UAE, rang the market-opening bell at Nasdaq Dubai, joined by Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM), and Liu Hua, General Manager of ICBC Dubai (DIFC). Liu emphasized the significance of the multi-currency, carbon-neutrality-themed bonds as a reflection of ICBC's strategic focus on sustainable development, particularly under the Belt and Road Initiative. With USD 5.6 billion in total outstanding bonds in the UAE, ICBC continues to expand its green finance footprint globally. Hamed Ali noted that the listings highlight Dubai's growing role as a global hub for sustainable finance, adding that Nasdaq Dubai remains committed to supporting responsible investment and innovation in capital markets. With this addition, Nasdaq Dubai's total debt listings have reached USD 136 billion, including USD 29 billion in ESG-related instruments — further cementing its position as a key platform for sustainable investment in the region. News Source: Dubai Media Office
