DIFC Governor His Excellency Dr Omar Bin Sulaiman said, "The success of our first Sukuk is an endorsement of investors' trust and confidence in the Dubai International Financial Centre (DIFC) as a world class financial centre and a leader of the Islamic Finance Industry."
Bisher Barazi, Managing Director of DIFC Investments, said: "We are extremely pleased with the response we received from a diverse investor base. We expect the enthusiasm for the Sukuk to generate a buoyant secondary market."
The high level of international interest in the Sukuk resulted in 67% of its subscription originating outside the region, with 47% sold to European investors, 33% to Middle East investors and 20% to investors in Asia.
Per E. Larsson, Chief Executive of the DIFX, said: "As the international exchange serving its region, the DIFX is positioned to play a leading role in Islamic finance. The DIFX attracted 70 per cent by value of all Sukuk that listed on exchanges worldwide in 2006. We look forward to expanding our involvement with this dynamic asset class as issuance increase around the world."
The DIFX now has a total of eight Sukuk, with issuers based in Kuwait, Saudi Arabia and the United Arab Emirates. The listing from DIFC Investments further strengthens DIFX's position as the global leader in Sukuk; the exchange has been the largest in the world for Sukuk by listed value since October 2006.
Hamed Ali, Executive Officer of the DIFX, said: "We are talking to a growing geographical range of issuers, some of whom are developing innovative Sukuk structures to enhance their appeal to investors."
DIFC Investments' 5-year al-Mudarabah Sukuk received ratings of "A1" from Moody's and "A+" from Standard & Poor's. It is the largest Sukuk to have received a rating.
DIFC Investments is the investment arm of the Dubai International Financial Centre (DIFC). It is also the sole shareholder of the DIFX.
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Sukuk value tops USD10 billion on DIFX with DIFC investments listing
- United Arab Emirates: Tuesday, June 19 - 2007 at 08:24
- PRESS RELEASE
DIFC Investments LLC today listed a USD1.25 billion Sukuk on the Dubai International Financial Exchange (DIFX), taking the total value of Sukuk listed on the exchange to USD10.43 billion, the highest of any exchange worldwide.
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About DIFXThe DIFX is the region's first international financial exchange for equities, bonds, Islamic products, funds, index products and (subject to regulatory approval) derivatives. The target areas of the DIFX for seeking issuers include the Middle East and North Africa, as well as South Africa, Turkey and the Indian sub-continent.
The exchange launched in September 2005 and currently has 20 Members - ABN AMRO, Abu Dhabi Commercial Bank, Arbuthnot Securities, Barclays Capital, Citigroup, Credit Suisse, Deutsche Bank, EFG-Hermes, Hichens, Harrison & Co, HSBC, ING Bank NV, Jefferies International, KAS BANK, Morgan Stanley, Merrill Lynch, Mashreq Capital (DIFC), NBD Investment Bank, SHUAA Capital, Standard Chartered and UBS.
Issuers on the DIFX: Equities - Albaraka Banking Group (ordinary shares), Boulder Steel (ordinary shares), Citigold Corporation (ordinary shares), Fortune Management (ordinary shares), Gold Fields (American depositary shares), Hikma Pharmaceuticals (global depositary receipts), Kingdom Hotel Investments (ordinary shares), Man Industries (India) (global depositary receipts), Rana Sugars (global depositary receipts); Bonds - Dubai Holding Commercial Operations Group (Euro Medium Term Notes), MashreqBank (Euro Medium Term Notes), National Bank of Dubai (Euro Medium Term Notes); Islamic products - Aabar Sukuk (Sukuk), DAAR International Sukuk (Sukuk), DIB Sukuk (Sukuk), DIFC Investments (Sukuk), IIG Funding Ltd (Sukuk), Nakheel Development (Sukuk), Ports, Customs and Free Zone Corporation (Sukuk), TID Global Sukuk (Sukuk); Structured Products - Deutsche Bank (certificates over indices).
The regulator of the DIFX is the Dubai Financial Services Authority (DFSA). The DIFX is located in the Dubai International Financial Centre (DIFC) and its owner is DIFC Investments.
About DIFC Investments:
Operating under the umbrella of the DIFC, DIFC Investments administers commercial activities such as the operation and management of any current and future subsidiaries, the development of the centre's investment strategy and relevant policies, and any other strategic investments or alliances that will further the goals and objectives of the DIFC and contribute to the fulfilment of its vision. The broad mandate of DIFC Investments also includes responsibility for all non-public administration activities previously carried out by the DIFC Authority, the body of the DIFC charged with developing overall strategy and providing direction and supervision to the centre. Among the companies and organisations owned by DIFC Investments are the Dubai International Financial Exchange (DIFX), the region's first international financial exchange (www.difx.ae), and Hawkamah, the first Institute for Corporate Governance in the region (www.hawkamah.org). For the purpose of issuing the Sukuk, DIFC Investments incorporated a wholly owned subsidiary called Dubai Sukuk Centre Limited.
For further information on the DIFX, please contact:
Amira Abdulla/ Elizabeth Maclean
Dubai International Financial Centre
Tel: +971.4.3622433
Fax: +971 4 3622236
Mark Fisher
Dubai International Financial Exchange
Tel: +971.4.3622451
Fax: +971 4 3622236
Posted by Anne-Birte Stensgaard, Senior News EditorTuesday, June 19 - 2007 at 08:24 UAE local time (GMT+4)
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