Nasdaq Dubai welcomes another big sukuk

The Islamic Development Bank has listed its eighth sukuk, worth $1.25 billion, on the Nasdaq Dubai exchange.

The listing brings the total value of sukuk listed by the bank on the exchange to more than $10 billion.

The listing, “underlines Dubai’s stature as a leading global centre for sukuk activity”, said a statement from the exchange, which added that sukuk listings in Dubai are now worth more than $52 billion.

Based in Saudi Arabia, the Islamic Development Bank has 57 member countries and is dedicated to promoting social and economic progress.

Sukuk are instruments that mimic the coupon payments of conventional bonds without violating Islamic law, which forbids earning interest.

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