Kuwait-based bank Ahli United has listed a $200 million Islamic bond on the Nasdaq Dubai exchange.
Known as sukuk, Islamic bonds are structured around an underlying asset such as property in order to comply with Islamic law that prohibits the payment of interest.
Dubai claims to be the world's largest centre for sukuk listings by value with nearly $46 billion of sukuk listed in the emirate.
The Ahli United sukuk, “is the third listing on the exchange from Kuwait, underlining the close capital markets ties between Kuwait and the UAE”, said a statement from Nasdaq Dubai.
In September, Nasdaq Dubai revealed two sukuk listings, from Sharjah Islamic Bank worth $500 million and from Emirates Islamic worth $250 million.
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