Capital raised supports bank’s rapid growth as a universal Islamic bank across UAE Successful issuance with five-year term oversubscribed 2.1 times Listing underlines Dubai’s No. 1 position globally for Sukuk at USD 59.72 billion
John Iossifidis, Chief Executive Officer of Noor Bank, one of the leading Shari’a compliant banks in the UAE, today rang the market-opening bell to celebrate the listing of a 500 million US dollar Sukuk on Nasdaq Dubai.
The capital raised supports Noor Bank’s continuing rapid growth as a fully scalable universal Islamic bank across the UAE active in a wide range of products and services including retail, corporate and investment banking as well as treasury and insurance. Dubai-based Noor Bank has arranged more than 64 billion US dollars’ worth of syndication and capital market transactions since 2008.
Listed on 24 April 2018, Noor Bank’s 500 million US dollar Sukuk is a five-year instrument that was oversubscribed 2.1 times following a successful international roadshow. It is Noor Bank’s third Sukuk to be hosted by the region’s international exchange, following two listings of 500 million US dollars each in 2015 and 2016.
The bell-ringing was attended by His Excellency Essa Kazim, Governor of Dubai International Financial Centre (DIFC), Secretary General of Dubai Islamic Economy Development Centre (DIEDC), Chairman of Dubai Financial Market (DFM), and Vice Chairman of Noor Bank; as well as Hamed Ali, Chief Executive of Nasdaq Dubai, and senior Noor Bank executives.
John Iossifidis, said: “The capital we successfully raised in a competitive funding environment substantially diversifies our investor base. The proceeds will contribute to Noor Bank’s strategy of expanding and developing its core business areas aligned to the vision of the UAE and Dubai. Our listing on Nasdaq Dubai provides our Sukuk with global visibility and an internationally recognised regulatory framework from within the Emirate