DIFC Investments LLC has listed a $1.25 billion Sukuk on the Dubai International Financial Exchange (DIFX), taking the total value of Sukuk listed on the exchange to $10.43 billion, the highest of any exchange worldwide.
Commenting on the listing, DIFC Governor Dr Omar Bin Sulaiman stated that: “The success of our first Sukuk is an endorsement of investors’ trust and confidence in the Dubai International Financial Centre (DIFC) as a world class financial centre and a leader of the Islamic Finance Industry.”
Bisher Barazi, Managing Director of DIFC Investments, added: “We are extremely pleased with the response we received from a diverse investor base. We expect the enthusiasm for the Sukuk to generate a buoyant secondary market.”
The high level of international interest in the Sukuk resulted in 67% of its subscription originating outside the region, with 47% sold to European investors, 33% to Middle East investors and 20% to investors in Asia.
Per E. Larsson, Chief Executive of the DIFX, announced: “As the international exchange serving its region, the DIFX is positioned to play a leading role in Islamic finance. The DIFX attracted 70 per cent by value of all Sukuk that listed on exchanges worldwide in 2006. We look forward to expanding our involvement with this dynamic asset class as issuance increase around the world.”
The DIFX now has a total of eight Sukuk, with issuers based in Kuwait, Saudi Arabia and the United Arab Emirates. The listing from DIFC Investments further strengthens DIFX’s position as the global leader in Sukuk; the exchange has been the largest in the world for Sukuk by listed value since October 2006.
Hamed Ali, Executive Officer of the DIFX, explained: “We are talking to a growing geographical range of issuers, some of whom are developing innovative Sukuk structures to enhance their appeal to investors.”
DIFC Investments’ 5-year al-Mudarabah Sukuk received ratings of “A1” from Moody’s and “A+” from Standard & Poor’s. It is the largest Sukuk to have received a rating.
DIFC Investments is the investment arm of the Dubai International Financial Centre (DIFC). It is also the sole shareholder of the DIFX.
A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, trusts and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
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