Nasdaq Dubai welcomes listing of USD 600 million Sukuk by Islamic Corporation for the Development of the Private Sector

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Nasdaq Dubai has welcomed the listing of a UDS 600 million Sukuk by the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank (IsDB).

Nasdaq Dubai welcomes listing of USD 600 million Sukuk by Islamic Corporation for the Development of the Private Sector
Nasdaq Dubai welcomes listing of USD 600 million Sukuk by Islamic Corporation for the Development of the Private Sector – www.brandspurng.com

The capital raised from the Sukuk will support ICD’s wide-ranging development activities within its 55 member countries which include creating competition, entrepreneurship, employment opportunities and export potential, as well as encouraging the development of Islamic financing activities such as the debt and equity capital markets.

The five-year Sukuk was issued at 140 basis points over the mid-swaps rate and was approximately three times oversubscribed, including orders from the joint lead managers. The diversity of the order book saw investors from Europe, Asia, and the Middle East. More specifically, the issuance was allocated to investors as follows: 4% of the issuance to UK/Europe, 21% to Asia, and 75% to the Middle East. By investor type, fund managers were allocated 13%, Banks/Private Banks 57%, Agencies/Central Banks 29%, and Others 1%.

It is ICD’s second Sukuk issuance, following a USD 300 million issuance in 2016, which is also listed on Nasdaq Dubai.

Ayman Sejiny, Chief Executive Officer of ICD, stated:
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“We received strong investor interest in our new Sukuk issuance from a wide range of constituencies including fund managers, commercial and private banks and central banks – demonstrating their confidence and support for  ICD’s strategy and initiatives in promoting private sector activity.  ICD’s Sukuk listing on Nasdaq Dubai, as the region’s international exchange, provides the Sukuk with excellent links to regional and international investors on a well-regulated platform attracting global visibility.”

Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said:

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“This new listing by a prominent multilateral entity adds further momentum to the growth of Dubai as the global capital of the Islamic Economy, under the initiative launched by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister, and Ruler of Dubai. Nasdaq Dubai will continue to build critical mass in the Islamic capital markets sector, extending the scope and scale of the services that we offer to market participants.”

ICD’s latest listing brings the total value of Sukuk listed in Dubai to 74.05 billion US dollars, underlining the emirate’s status as one of the largest Sukuk listing centres in the world by value.

Hamed Ali, Chief Executive of Nasdaq Dubai and Deputy Chief Executive of Dubai Financial Market, said:
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“In hosting this Sukuk issuance by ICD, Nasdaq Dubai is delighted to facilitate capital raising activity in support of private sector financing and advisory projects across the Muslim world, helping to generate wealth and prosperity. Our growing relationship with the multilateral IsDB Group demonstrates our commitment to serving Sharia’a-compliant issuers based regionally and internationally, providing an effective and high-profile listing platform.”

ICD’s 600 million US dollar Sukuk listed on Nasdaq Dubai on October 15, 2020.

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Nasdaq Dubai welcomes listing of USD 600 million Sukuk by Islamic Corporation for the Development of the Private Sector - Brand SpurNasdaq Dubai welcomes listing of USD 600 million Sukuk by Islamic Corporation for the Development of the Private Sector - Brand Spur

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Nasdaq Dubai welcomes listing of USD 600 million Sukuk by Islamic Corporation for the Development of the Private Sector - Brand SpurNasdaq Dubai welcomes listing of USD 600 million Sukuk by Islamic Corporation for the Development of the Private Sector - Brand Spur

Latest News

How the documenta invented the “Zero Hour” in art after 1945

“documenta. Politics and Art” from 18 June 2021 to 9 January 2022

 

BERLIN, GERMANY - Newsaktuell - 1 March 2021 - The documenta owes its rise to the most successful German art exhibition not least to its political dimension: its disassociation from National Socialism and the bloc building of the Cold War. It was informed on the one hand by the supposed attempt to distance itself radically from Nazi cultural politics while at the same time refusing to deal openly with the Nazi past. On the other hand, its politically motivated orientation on the West included a decided aloofness toward and denigration of the socialist art of the "Eastern bloc".

Nasdaq Dubai welcomes listing of USD 600 million Sukuk by Islamic Corporation for the Development of the Private Sector - Brand Spur

Federal President Theodor Heuss at documenta 1, 1955 © documenta archiv / Photo: Erich Müller

With "documenta. Politics and Art" the Deutsches Historisches Museum takes up the example of the famous exhibition in Kassel to shed light on the manifold interactions between politics and art in the society of the Federal Republic after 1945. Parallel to this, the exhibition "'Divinely Gifted'. National Socialism's favoured artists in the Federal Republic" (27.8.21 -- 6.2.22) presents for the first time an examination of the post-war careers of so-called "divinely gifted" visual artists whom the Nazi authorities, from 1944 on, had deemed to be "indispensable" and were therefore exempt from front-line military service or other work for the war effort.


Raphael Gross, President of the Deutsches Historisches Museum: "With these exhibitions we want to bring to light a new perspective on the history of the Federal Republic in its international context. Both of them correct the notion of a radical aesthetic new beginning, which has often been attributed to the documenta and of which the early documenta framers made extensive use. There were, in fact, unbroken lines leading back to National Socialism. Works by murdered Jewish artists found no room in the early editions of the documenta. And in our exhibition on the previously almost unresearched 'Divinely Gifted', we are showing, conversely, the degree to which this group of visual artists who had been active in the Nazi cultural sector dominated the public space after 1945 and continue to dominate it to this day."

Long Version: https://www.dhm.de/en/press/press-release/how-the-documenta-invented-the-zero-hour-in-art-after-1945/


Nasdaq Dubai welcomes listing of USD 600 million Sukuk by Islamic Corporation for the Development of the Private Sector - Brand Spur
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- Advertisement -Nasdaq Dubai welcomes listing of USD 600 million Sukuk by Islamic Corporation for the Development of the Private Sector - Brand SpurNasdaq Dubai welcomes listing of USD 600 million Sukuk by Islamic Corporation for the Development of the Private Sector - Brand Spur