By Staff writer
Listing raises the total value of sukuk listed in Dubai to $45.55bn, says stock exchange
Emaar Properties listed a $750 million sukuk on Monday on Nasdaq Dubai, the region's international financial exchange.
The listing has raised the total value of sukuk listed in Dubai to $45.55 billion, underlining the emirate's position as the world's largest sukuk listing centre by value, the exchange said in a statement.
A $500 million sukuk issued by Emaar Properties in July 2012 is also listed on the exchange.
So far this year, Nasdaq Dubai has listed 14 sukuk with a total value of $10 billion, the statement added.
Last week, ratings agency S&P said corporate and infrastructure sukuk issuance in the Gulf region and Malaysia has continued to stagnate so far this year and this may carry over to the coming quarters.
The ratings agency said that despite the slump, essential infrastructure funding requirements, low interest rates, and investors' appetite for Islamic assets in their portfolios continue to be supportive for the world's core corporate sukuk markets.
In the GCC, corporate and infrastructure sukuk issuance totalled $2.5 billion in the first eight months of 2016, compared with $2.3 billion for the preceding eight months. Versus the same periods in 2013 and 2014, issues are down sharply from $5 and $6.5 billion, respectively, S&P said.