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Kuwait's Boubyan Bank lists its first Islamic bond on Nasdaq Dubai

Xinhua, June 1, 2016 Adjust font size:

Nasdaq Dubai, the international exchange of the United Arab Emirates (UAE), said Wednesday Boubyan Bank of Kuwait listed its first ever Islamic bond (sukuk), valued at 250 million U.S. dollars, on the exchange

The Islamic bond was more than five times oversubscribed, said Nasdaq Dubai in an statement.

It marks the first Sukuk out of Kuwait since 2007, first Kuwaiti bank Sukuk and the first Basel III compliant Tier I Sukuk worldwide.

It is also the first tier one (strong capital underlying) sukuk out of the region in 2016. It marked the 8th Sukuk listing on the exchange so far in 2016.

The listing by a prominent Gulf Arab financial institution underlines Dubai's status as the "global leader" for Sukuk listings, with a total nominal value of 44.06 billion U.S. dollars from issuers in the Middle East and beyond.

"Dubai looks forward to welcoming further listings from GCC and other issuers that will facilitate their success and enhance mutually beneficial economic development," said Essa Kazim, Governor of Dubai International Financial Centre (DIFC).

Adel Abdulwahab AlMajed, Vice Chairman and CEO Boubyan Bank, said "Boubyan continues to be one of the fastest growing banks in Kuwait and the listing of our Sukuk on the region's international exchange enhances our global profile and strengthens our links to a wide range of Islamic and other investors around the world." Endit