Hong Kong lists another sukuk in Dubai

The Hong Kong government has listed a sukuk on the Nasdaq Dubai exchange worth $1 billion.

It is the exchange’s third sukuk of the same size by the government. Previous listings were in 2014 and 2015.

“The new listing strengthens Dubai’s position as the world’s largest venue for sukuk listings by value, raising the total listed in the emirate to $48.8 billion,” said a statement from the exchange.

Sukuk, often known as Islamic bonds, are investment instruments that provide fixed-income returns without violating Islamic law, the sharia.

Non-Islamic issuers are increasingly turning to the sukuk market to access a large pool of Islamic investors, such as Islamic banks and insurers, which can only invest in sharia-compliant instruments.

©2017 funds global mena

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