Dubai wealth fund lists $1bn sukuk on Nasdaq Dubai

The Investment Corporation of Dubai, a state-owned holding company, has listed a $1 billion sukuk on the Nasdaq Dubai exchange.

It is the third debt listing by the corporation on the exchange. In May 2014, the corporation listed a $700 million sukuk and a $300 million conventional bond.

“The listing reinforces Dubai’s position as the world’s largest venue for sukuk listings by value, raising the total listed in the emirate to $47.2 billion,” said a statement from the exchange.

The Investment Corporation of Dubai, which is generally considered a sovereign wealth fund of Dubai, owns stakes in a variety of businesses in the emirate, including the Emirates National Oil Company, the Emirates airline, Dubai Islamic Bank and others.

Sukuk are investment instruments that mimic the returns of conventional bonds while avoiding paying interest, which is prohibited by Islam.

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