NASDAQ Dubai aims to overtake London Stock Exchange in terms of Sukuk listings (By IFN)

NASDAQ Dubai aims to overtake London Stock Exchange in terms of Sukuk listings

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UAE: NASDAQ Dubai has its eyes on the prize as it looks to overtake the London Stock Exchange (LSE) as the largest market for Sukuk listings. However, to do so, the Dubai-based stock exchange will need to issue up to US$20 billion worth of Sukuk this year; almost double the current amount listed. At present, the LSE is in the lead with about US$27 billion of Sukuk, Kuala Lumpur-based Bursa Malaysia sitting pretty in second place with US$23 billion, followed by Dubai with approximately US$10 billion. NASDAQ Dubai has seen some activity during the first three months of this year, with the listings of Dubai Electricity and Water Authority (DEWA)’s Sukuk and airline carrier Emirates’ Sukuk; both worth US$1 billion. And if these issuances are anything to go by, NASDAQ Dubai is in fact well on its way in achieving its target. “We look forward to welcoming Sukuk issuers from around the world as well as our own region, as the asset class grows in popularity among investors of all types and in all areas of the globe. As well as providing a listing venue, NASDAQ Dubai plans to expand the range of services that it offers to Sukuk issuers and investors,” said Abdul Wahed Al-Fahim, chairman of NASDAQ Dubai to a Gulf-based publication. “Dubai’s capital markets are growing rapidly in scope and sophistication, with Islamic finance playing a leading role. The issuance of the Emirates Sukuk and its listing on NASDAQ Dubai, demonstrates the strength of Dubai’s financial markets architecture and its ability to serve leading international companies,” added Essa Kazim, CEO of Dubai Financial Market.