Retail major Majid Al Futtaim Holding has listed its second sukuk issuance on Nasdaq Dubai.
With the $500m sukuk, the total value of listings on the exchange during 2015 has soared to $13.25 billion.
The leading shopping mall, retail and leisure pioneer across the MENA region, with assets worth more than $12.5bn, had listed a $400m listing in 2013.
“The capital raised by our sukuk will drive Majid Al Futtaim’s expansion and growth plans in new markets across the MENA region,” says Alain Bejjani, Chief Executive Officer, Majid Al Futtaim – Holding.
The exchange this year saw the largest issuance ever by a sovereign issuer when Indonesia listed four sukuk valued at $6bn in September.
With the latest sukuk the total nominal value of listing in Dubai has reached $36.8b, more than any other exchange in the world.
“Majid Al Futtaim’s successful new issuance underlines the growing strength of the sukuk sector as a vehicle for institutions based in the GCC and beyond to fund their development. We are committed to offering all our issuers a robust listing environment that provides confidence to their investors and the public,” remarks Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai.