Nasdaq Dubai Welcomes Mashreq’s $500mln Debut Sukuk Listing

Dubai: Mashreq Bank listed a $500 million Sukuk on Nasdaq Dubai through Mashreq Al Islami Sukuk Company Limited, according to a press release.

Issued under Mashreq’s $2.50 billion Trust Certificate Issuance Program, the offering is being admitted as a secondary listing following strong demand in the primary market.

The Trust Certificates, due in 2030, attracted significant investor interest, implying an orderbook of $2.90 billion, nearly six times oversubscribed.

The final pricing was tightened to UST +105 basis points with a fixed profit rate of 5.03% annually.

With this listing, the total value of Sukuk listed on Nasdaq Dubai stood at $97.20 billion, reinforcing the exchange’s position as one of the world’s largest centers for Islamic fixed income.

The overall value of debt securities listed on Nasdaq Dubai currently exceeds $140 billion, across 163 issuances.

Ahmed Abdelaal, Group CEO of Mashreq, said: “Our debut listing on Nasdaq Dubai marks a new chapter in Mashreq’s capital markets journey. This Sukuk issuance not only attracted strong investor interest, but also affirms our disciplined approach to funding, even in a complex macro environment.”

Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM), said: “As Dubai continues to strengthen its capital markets infrastructure, we remain committed to providing an efficient and transparent platform that supports diverse financing needs and promotes sustainable growth across the financial ecosystem.”

In the first quarter (Q1) of 2025, Mashreq Bank recorded 12% lower net profits after tax at AED 1.79 billion, compared to AED 2.04 billion in Q1-24.