DUBAI — Nasdaq Dubai, the region’s international financial exchange, announced it has welcomed the listing on Tuesday of a $1 billion Sukuk by Dubai Islamic Bank, DIB, the largest Islamic bank in the United Arab Emirates. In a statement, Nasdaq Dubai added that the Sukuk was nearly 4.5 times subscribed with a profit rate of 2.95 percent per annum, with nearly 50 percent of investor interest coming from outside the MENA region. "The capital raised underpins DIB’s measures to support its customers and the business community as economies start to overcome challenging market conditions," it said. "DIB is the leading UAE-based Sukuk issuer by value on the exchange with a total of $6 billion from seven instruments including the latest listing," the statement added. Dr. Adnan Chilwan, group chief executive of DIB, said, "Our latest issuance was the first public benchmark Sukuk from a regional financial entity and its enthusiastic reception by investors demonstrates confidence in DIB’s forward-looking strategy and operations. Given that this deal opened the Islamic capital markets for financial institutions in 2020, it was befitting that it was done so by the first Islamic bank in the world." "In line with the effective policies of the UAE leadership, we will continue to support individuals and businesses in the UAE and beyond as the world emerges from the difficulties faced over recent months. The listing on Nasdaq Dubai provides the issuance with close links to regional and global investors from a well-regulated platform. Our overall strategy and refreshed tactics are based around greater transparency and governance as we move forward during this global pandemic by forming deeper links with regional and global investors." Essa Kazim, governor of DIFC, the secretary-general of Dubai Islamic Economy Development Centre, DIEDC, and chairman of Dubai Financial Market, DFM, said, "This new listing by Dubai Islamic Bank underlines the ability of UAE capital markets institutions to collaborate successfully as the country’s economy becomes more active. Dubai will maintain its expansion as the global capital of the Islamic economy under the initiative launched by Sheikh Mohammed Bin Rashid Al Maktoum, vice president, prime minister and ruler of Dubai." Dubai is one of the largest centers for Sukuk listings in the world with a total listed value now standing at $66.3 billion, Nasdaq Dubai noted. Abdul Wahed Al Fahim, chairman of Nasdaq Dubai, said, "The deep and longstanding relationship between Nasdaq Dubai and DIB will continue to provide important benefits to investors and promote economic well-being in the UAE and overseas. The issuance and listing of DIB’s Sukuk reflect the further development of the Sukuk market as an effective means of raising capital from regional and global investors." Hamed Ali, chief executive of Nasdaq Dubai, added, "We are delighted to support DIB’s important activities as one of the UAE’s leading banks operating successfully across many areas of Islamic financing. DIB’s expertise, experience and close ties to the business community make the bank an important partner for the exchange as we further increase our commitment to the Shariah-compliant capital markets." — WAM