21 Oct, 2009NASDAQ Dubai Welcomes International Finance Corporation's Intention to List $100 Million Sukuk

NASDAQ Dubai today welcomed the announcement by the International Finance Corporation (IFC), a member of the World Bank Group, that it intends to list a $100 million Sukuk on the Exchange.

NASDAQ Dubai is the world s largest exchange for Sukuk by listed value, with 20 listed Sukuk valued at $16.6 billion.

Jeff Singer, Chief Executive of NASDAQ Dubai, said: "We are delighted to support the IFC as the primary listing venue for its Sukuk, raising money for health and education investments in the region. A listing on a well regulated exchange supports a Sukuk issue by providing transparency for investors and promoting visibility for the issuer.

"As the international exchange serving the Middle East, NASDAQ Dubai looks forward to playing a growing role in the Sukuk market as it expands and matures."

In August 2009, NASDAQ Dubai introduced the opportunity for Sukuk securities to be held in the Exchange s central securities depositary, providing securities holders with an efficient and streamlined service.

Dr Nasser Saidi, Chief Economist of DIFC Authority, said: "The IFC and the World Bank Group should be congratulated for this ground breaking innovation and recognition of Islamic financial instruments as an integral part of their financing tools. This is a historic milestone for financial markets in the region and clearly represents a benchmark for debt markets.

"It paves the way for tremendous new opportunities for sovereign and corporate issuers from across the world to tap the liquidity of the region. In particular, this issue opens up the Sukuk market for financing the infrastructure needs of the region and in emerging markets. This initiative will significantly contribute to the mainstreaming of Islamic finance and the development of an Islamic securities market within the global financial system."