By Tamara Pupic
Four sukuks are the largest ever Islamic bond listings carried out by a sovereign issuer in Dubai
The Indonesian government’s listing of four sukuk valued at $6 billion (AED22 billion) on Nasdaq Dubai have become the largest ever Islamic bond listings carried out by a sovereign issuer in Dubai.
Bambang Bodjonegoro, the Indonesian Minister of Finance, rang the market-opening bell to celebrate the listing in the present of high-profile representatives of both countries.
The four sukuks were issued by the Indonesian government under its Trust Certificate Issuance Programme since 2012.
Mohammed Abdulla Al Gergawi, UAE Cabinet Affairs Minister and Chairman of the Board, Dubai Islamic Economy Development Centre (DIEDC), said that the listing of sovereign Sukuk in Dubai by the largest Muslim country will play a significant role in attracting further Sukuk from around the world and further strengthen global confidence in Dubai as the capital of the Islamic Economy.
Indonesia’s four sukuk listings comprise one issuance of $2bn, two of $1.5bn each, and one of $1bn.
Brodjonegoro said that Indonesia was very proud to be able to actively participate in developing the sukuk market since it was a frequent sukuk issuer in both the domestic and global market.
Dubai is the world’s leading sukuk centre by listed nominal value at $36.7bn, with Nasdaq Dubai accounting for 93 percent of that amount.
Nasdaq Dubai attracted sukuk listings valued at $13.4bn in 2014 and has added $12.6bn so far in 2015.