Nasdaq Dubai clears first Islamic bond

Published: January 20, 2010

IFC’s US$100mn sukuk marks groundbreaking transaction for Middle East bourse.

Nasdaq Dubai’s central securities depositary has cleared its first Islamic bond – a US$100mn sukuk issued by the World Bank’s International Finance Corporation last November.

The Middle Eastern stock exchange now has 22 listed sukuk with a value of US$17.2bn.

Jeff Singer, chief executive of Nasdaq Dubai, said: “As Dubai expands as a centre of Islamic finance, Nasdaq Dubai looks forward to listing more sukuk and supporting these through its [central securities depositary].” 

The exchange appointed Citi’s Global Transaction Services business as the issuing and paying agent for the sukuk.