Aabar Sukuk Limited has listed a $460 million Sukuk al-Mudarabah on the Dubai International Financial Exchange (DIFX), reinforcing Dubai's growing presence as a centre for Islamic finance.
“We are delighted to welcome Aabar to the exchange," Henry Azzam, Chairman of the DIFX, commented last week.
"The listing confirms the appeal of the DIFX as the international exchange of choice for this region, offering issuers high visibility and the security of an exchange regulated to the best international standards," he added.
Aabar Sukuk Limited was created by Aabar Petroleum Investment Company PJSC, which will use the capital raised for ongoing development of its business. The exchangeable Sukuk (Islamic-compliant bond) may be redeemed in the form of Aabar ordinary shares.
Aabar is based in Abu Dhabi, and listed its shares on the Abu Dhabi Securities Market in 2005.
“Listing this Sukuk on the DIFX strengthens our international profile and complements our strategy of expansion,” observed Mohamed Badawy Al-Husseiny, Chief Financial Officer of Aabar.
Noting that this is the second Sukuk to be listed on the exchange, Nasser Alshaali, Chief Operating Officer of the DIFX, stated that it "reinforces the exchange as a listing destination of choice for Islamic securities as well as a wide range of equity, equity-linked, bond and other listings from countries across the region and beyond”.
Deutsche Bank AG acted as the sole Global Coordinator, sole Bookrunner and Joint Lead Manager of the Sukuk. Abu Dhabi Commercial Bank acted as Joint Lead Manager.
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