Dubai: Shaikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, received on Wednesday a delegation from the Islamic Development Bank (IDB) at Zabeel Palace, led by Dr. Abdul Aziz Al Hinai, Vice President for Finance.
Shaikh Hamdan emphasised the importance of supporting Dubai’s initiative as the capital of Islamic economy and highlighted IDB’s position as a strategic partner and a major contributor to the achievement and success of this initiative.
The UAE is considered one of the main founders of the bank and has maintained a close partnership with IDB, as per Federal Decree No. 91 of 1974. The UAE’s contribution to the bank’s capital amounted to 1.36 billion Islamic Dinars (ID), i.e. 7.54 per cent.
During the visit, IDB announced that it will issue Sukuk worth $1 billion, which will be listed in Nasdaq Dubai on Thursday (February 27). This announcement is the result of joint efforts between the Ministry of Finance, Supreme Committee of the Islamic Economy Initiative, Nasdaq Dubai and IDB.
The main objective behind this listing is to provide additional financial resources to support the bank’s expansion plans and to support Islamic economic and financial sectors within the UAE. Furthermore, the listing falls in line with the bank’s Medium Term Note Programme, which recently increased from $6.5 billion to $10 billion.