Kuwait bank lists $200m sukuk on Nasdaq Dubai

Ahli United Bank's fundraising bring total value of sukuk listing in the UAE to $45.75bn
Kuwait bank lists $200m sukuk on Nasdaq Dubai
By Staff writer
Wed 26 Oct 2016 01:58 PM

Ahli United Bank has announced the listing of a $200 million sukuk on Nasdaq Dubai, the region’s international financial exchange. 

It is the third listing on the exchange from Kuwait, underlining the close capital markets ties between Kuwait and the UAE, as well as Dubai’s status as the world’s largest centre for sukuk listings by value, a statement said.

It added that sukuk totalling $45.75 billion are currently listed in the emirate.

Nasdaq Dubai provides Kuwaiti and other issuers with close links to regional and international investors as well as a first class listing infrastructure.

The bank, a unit of Bahrain's Ahli United Bank, said in August that it would used the funds to enhance the bank's capital base in line with Basel III global banking standards. Basel III, which requires banks to hold more capital, is being phased in until 2019 in Kuwait.

Last year Kuwait's Capital Markets Authority released rules providing a legal basis for issuance of Islamic bonds, which is helping boost sales of sukuk. Kuwait's Gulf Bank and Boubyan Bank have both completed sukuk issues this year.

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