Islamic Corporation for the Development of the Private Sector (ICD) CEO Khaled Al Aboodi marked the listing of a $300 million sukuk on the Nasdaq Dubai by ringing the opening bell for the market on April 25.
ICD functions as the private branch for Islamic Development Bank (IDB) Group, which currently holds seven additional sukuk worth approximately $8.05 billion. Sukuk are bonds which bring returns back to investors without breaching Islamic law by amassing riba, or interest fees.
“Using the funds raised by this sukuk, we will further pursue our mission to provide financing and investment for a range of successful private enterprise projects in our member countries,” Al Aboodi said. “As the international exchange serving the region, Nasdaq Dubai provides us with close links to investors in and beyond the Muslim world as well as global visibility and world class listing infrastructure.”
The total worth of Dubai-sourced sukuk is now $42.6 billion. New York’s Wall Street community paid tribute to the event with a large sign overlooking Times Square, reading “NASDAQ Dubai congratulates ICD on its Sukuk listing - 2016.”