Husin Bagis, Indonesian Ambassador to the UAE, accompanied by Ridwan Hassan, Consul-General of the Republic of Indonesia in Dubai, today rang the Nasdaq Dubai...

Husin Bagis, Indonesian Ambassador to the UAE, accompanied by Ridwan Hassan, Consul-General of the Republic of Indonesia in Dubai, today rang the Nasdaq Dubai market-opening bell to celebrate the listing of two green Sukuk issued by the government of Indonesia, with a total value of $2 billion.

Indonesia intends to use the capital raised by the Sukuk for a variety of projects with an emphasis on sustainable development. One Sukuk is valued at 1.25 billion US dollars and the other at 750 million US dollars.

The listings underline the close relations between the UAE and Indonesia, the world’s most populous Muslim country, as well as Dubai’s growth as the global capital of the Islamic Economy.

Speaking on the occasion, the Indonesian Ambassador said, “Our two Sukuk were very well received by investors, reflecting the growing reach and importance of the Islamic capital markets in Muslim countries and globally. As we expand our support for the Sukuk sector including to fund vital sustainable development initiatives, we look forward to further strengthening our relationship with Dubai as the leading centre globally for Islamic bond listings.”

The Indonesian government is the largest Sukuk issuer on Nasdaq Dubai by both value and number of listings, with securities now totalling $15 billion from 11 issuances.

Essa Kazim, Governor of Dubai International Financial Centre, Secretary-General of Dubai Islamic Economy Development Centre, and Chairman of Dubai Financial Market, said, “We are delighted to partner with Indonesia to maintain the growth of the Islamic finance markets for the benefit of all participants and the wider economy. This successful collaboration underlines Dubai’s growth 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.

The total value of all Sukuk listed on Dubai’s exchanges has now reached US$61.5 billion, the largest amount of any listing centre in the world.

Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said, “Nasdaq Dubai is committed to supporting the global expansion of the Sukuk sector by further enhancing its streamlined listing process, as well as its comprehensive post-listing services. We are preparing for a wide range of new listings in coming months from UAE, regional and global issuers, drawing on Dubai’s deep-rooted knowledge and understanding of the Sukuk sector.”

Hamed Ali, Chief Executive of Nasdaq Dubai, said, “The exchange is delighted to strengthen the close cooperation that we have enjoyed with the Indonesian government since its first Sukuk listing with Nasdaq Dubai in 2014. We are positioned to welcome many further listings from government, public sector and private sector issuers who can benefit from the global visibility that we provide and our close links to international and regional investors. We congratulate the government of Indonesia on becoming the first sovereign issuer of green Sukuk in the world.”

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