APICORP celebrates sukuk listing on Nasdaq Dubai

Arab Petroleum Investments Corporation (APICORP) Chairman Aabed Al-Saadoun rang the market-opening bell to celebrate the listing of a $500 million sukuk on Nasdaq Dubai.
The total nominal value of sukuk currently listed in Dubai has now reached $37.81 billion, reinforcing its position as the largest center in the world for Islamic bond listings.
The bell-ringing ceremony was attended by Essa Kazim, governor of Dubai International Financial Centre (DIFC), secretary general of Dubai Islamic Economy Development Centre (DIEDC) and chairman of Dubai Financial Market (DFM); Raed Al-Rayes, deputy chief executive and GM, APICORP; Hesham Farid, head of treasury and capital markets, APICORP; and Hamed Ali, chief executive of Nasdaq Dubai.
Al-Saadoun, chairman of APICORP, said: “A listing on one of the Middle East’s premier financial exchanges provides our inaugural sukuk with global and regional visibility, together with world-class regulation.”
APICORP’s sukuk is the first to be issued under a $3 billion sukuk program that the bank announced in July 2015, aimed at diversifying its funding sources.
Kazim said: “This listing by a regional bank that is active in many countries demonstrates the success of Dubai’s capital markets in providing a platform for issuers well beyond the UAE. APICORP’s sukuk underlines Dubai’s stature as the leading center in the world for sukuk listings and its growth as the global capital of Islamic economy, under the initiative launched in 2013 by Sheikh Mohammed bin Rashid Al-Maktoum, UAE VP & PM and ruler of Dubai.”
Al-Fahim said: “The exchange is committed to providing all our sukuk issuers with a well regulated listing infrastructure that exceeds global standards, providing confidence to investors in the securities.”
Ali said: “Our location in Dubai positions the exchange at the heart of an expert community of Islamic finance specialists.”
APICORP’s sukuk listed on Nasdaq Dubai on Jan. 18.