Dr Aabed Al Saadoun, Chairman of the Arab Petroleum Investments Corporation (APICORP), today rang the market-opening bell to celebrate the listing of a $500 million Sukuk on Nasdaq Dubai.

The total nominal value of Sukuk currently listed in Dubai has now reached USD 37.81 billion, reinforcing its position as the largest centre in the world for Islamic bond listings.

The bell-ringing ceremony was attended by His Excellency Essa Kazim, Governor of Dubai International Financial Centre (DIFC), Secretary General of Dubai Islamic Economy Development Centre (DIEDC), and Chairman of Dubai Financial Market (DFM); Dr. Raed Al Rayes, Deputy Chief Executive and General Manager, APICORP, Hesham Farid, Head of Treasury & Capital Markets, APICORP; and Hamed Ali, Chief Executive of Nasdaq Dubai.

Dr Aabed Al Saadoun, Chairman of APICORP, said, “A listing on one of the Middle East’s premier financial exchanges provides our inaugural Sukuk with global and regional visibility, together with world class regulation. As a multilateral development bank dedicated to supporting the energy sector with priority given to Arab joint ventures that benefit the members’ states, we look forward to making further use of Islamic financing instruments to fund our initiatives for the benefit of Arab economies.”

APICORP’s Sukuk is the first to be issued under a $3 billion Sukuk programme that the bank announced in July 2015, aimed at diversifying its funding sources and reducing its overall cost of financing.

HE Essa Kazim, Governor of DIFC, Secretary General of DIEDC and Chairman of DFM, said, “This listing by a regional bank that is active in many countries demonstrates the success of Dubai’s capital markets in providing a platform for issuers well beyond the UAE. APICORP’s Sukuk underlines Dubai’s stature as the leading centre in the world for Sukuk listings and its growth as the global Capital of Islamic Economy, under the initiative launched in 2013 by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minster, and Ruler of Dubai.”

Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said, “The exchange is committed to providing all our Sukuk issuers with a well regulated listing infrastructure that exceeds global standards, providing confidence to investors in the securities. We will continue to build our Sukuk market through 2016 and beyond with further issuances from the UAE, the MENA region, and international companies and institutions.”

Hamed Ali, Chief Executive of Nasdaq Dubai, said, “We will further enhance our response times and procedures to meet the commercial needs of Sukuk issuers in a dynamic market environment. Our location in Dubai positions the exchange at the heart of an expert community of Islamic finance specialists who are driving expansion and innovation in the Sukuk and wider Islamic finance sector.”

APICORP’s Sukuk listed on Nasdaq Dubai on January 18, 2016.