Nasdaq Dubai has listed a USD 500 million Sustainability-Linked Financing Sukuk issued by Emirates Islamic, marking the first issuance of its kind globally. The Sukuk was issued under Emirates Islamic’s USD 4 billion Sukuk Programme and aims to support the UAE’s sustainability objectives.
Investor interest in the Sukuk was strong, with orders totaling USD 1.2 billion, resulting in an oversubscription of 2.4 times. This demand allowed Emirates Islamic to set the profit rate at 4.540% per annum, with a spread of 95 basis points over five-year US Treasuries.
To celebrate the listing, Hesham Abdulla Al Qassim, Chairman of Emirates Islamic and Vice Chairman and Managing Director of Emirates NBD, rang the bell at Nasdaq Dubai’s market-opening ceremony. He was joined by Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market.
Hesham Abdulla Al Qassim stated: “The listing of our pioneering Sustainability-Linked Financing Sukuk on Nasdaq Dubai underscores Emirates Islamic’s financial strength and our commitment to achieving the UAE’s Net Zero 2050 ambitions. This landmark transaction, a global first, demonstrates our ability to deliver advanced, Shari’ah-compliant solutions that resonate with a diverse international investor base, reflecting the growing appetite for sustainable Islamic finance.”
Hamed Ali commented: “The listing of Emirates Islamic’s USD 500 million Sustainability-Linked Financing Sukuk represents a landmark moment for Nasdaq Dubai and the wider Islamic finance industry. It highlights Dubai’s growing role as a leading global hub for Islamic and sustainable capital markets, while reinforcing our commitment to providing issuers and investors with innovative financing solutions that support the UAE’s long-term economic development and climate ambitions.”
With this new listing, Emirates Islamic now has USD 2.77 billion in outstanding Sukuk listed on Nasdaq Dubai. The total value of all outstanding Sukuk on the exchange has surpassed USD 100 billion. Nasdaq Dubai currently hosts USD 140 billion in fixed income and USD 28.7 billion in ESG listings, including USD 1.55 billion in sustainability-linked issuances.
