Monday, 08 September 2008 |
updated 1 minute ago
09:09 UAE time

YOUR DIRECTORY /

RAKIA sukuk lists on DIFX

by Daniel Stanton on Thursday, 06 December 2007

Ras Al Khaimah Investment Authority (RAKIA) has today listed its US$325 million sukuk on the Dubai International Financial Exchange (DIFX).

The money raised from the Islamic bond will be used to fund the Al Marjan artificial island project under construction off the coast of Ras Al Khaimah.

The sukuk matures in 2012 and is based on an Al-Wakala structure.

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The issuer is RAKIA Sukuk Company Limited and the lead managers for the issuer were Credit Suisse, HSBC and NBD Investment Bank.

The DIFX has the largest value of listed sukuk of any exchange in the world. This listing takes the value to $1.405 billion.

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