Kuwait's Boubyan Bank lists USD 250 mln sukuk on Nasdaq Dubai

Kuwait's Boubyan Bank lists USD 250 mln sukuk on Nasdaq Dubai
Kuwait’s Boubyan Bank lists USD 250 mln sukuk on Nasdaq Dubai

DUBAI, June 1 (KUNA) — Kuwait-based Boubyan Bank has listed its first sukuk issuance, valued at USD 250 million, on Nasdaq Dubai.
Boubyan Vice-Chairman and CEO Adel Al-Majed on Wednesday rang the market-opening bell to celebrate the listing.
Today’s issuance, that was more than five times oversubscribed, is the first sukuk out of Kuwait since 2007, first Kuwaiti bank sukuk and the first Basel III-compliant tier I sukuk worldwide. It is also the first tier I sukuk out of the region in 2016, Al-Majed said in a press statement after the launch of the launch.
Boubyan continues to be one of the fastest growing banks in Kuwait and the listing of our sukuk on the region’s international exchange enhances our global profile and strengthens our links to a wide range of Islamic and other investors around the world, Al-Majed said.
The listing by a prominent Gulf financial institution highlights Dubai’s status as the global leader for sukuk listings, with a total nominal value of USD 44.06 billion from issuers in the Middle East and beyond.
Governor of the Dubai International Financial Centre (DIFC) Essa Kazim said that the listing by a major Kuwait entity further advances cooperation between GCC states in the capital markets sector, as well as the growth of Dubai as the global Capital of the Islamic Economy.
For his part, chairman of Nasdaq Dubai Abdul Wahed Al Fahim said that the sukuk sector globally, including Dubai, is reaping the benefits of many years of development and infrastructure building, which has created the right technology and regulatory framework as well as the commercial knowhow to spur further growth.
This listing by Boubyan Bank offers a significant strengthening of ties with Kuwait’s financial markets, he added.
“We look forward to welcoming further Kuwaiti listings on our platform so they can benefit from our close regional and global links with market participants and the high visibility that we provide.” (end) smr.nsa.msa