2024-01-23 22:02:50
A report by Fitch Credit Rating Agency expected that Nasdaq Dubai would continue to maintain its position among the best dollar sukuk listing centers in the world.
Bashar Al-Natour, Global Head of Islamic Finance at Fitch, said: The credit conditions of sukuk issuers in the UAE are considered stable, because 96.5% of the sukuks are investment grade and 92% have a stable outlook, and the balance has a positive outlook.
The share of Sukuk and dirham issuances in the UAE’s capital market mix is also expected to rise in light of the government’s implementation of the dirham monetary framework, issuers’ efforts to diversify financing, and strong demand from investors, including UAE banks that have strong liquidity.
The dirham’s share in the mix of existing capital markets rose to 20.5% at the end of 2023 from 0.5% in 2020, with most of the balance in dollars. The federal government began issuing treasury bonds in dirhams in 2022, and only treasury bonds in dirhams were issued after the second quarter of 2023. In 2023, sukuk issuance in all currencies expanded by 115% year-on-year.
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