Nasdaq Banks on Mid-East Sukuk Platform
Sukuk are financial instruments that are compliant with Islamic religious law, Sharia. As such, the returns must be generated from an identifiable asset. As Islamic convention bans interest, a party sells the certificate to an investment party, which then rents the certificate back at a pre-determined fee, while the issuer guarantees repurchase at a future date.
Trades on the platform will be automatically routed for settlement at Euroclear Bank, and it will initially be open to high net worth individuals and institutional clients.
"The opening of the platform will be an important step in Dubai's growth as a global leader in innovation in the sukuk and bond sectors," says Hamed Ali, Acting Chief Executive of NASDAQ Dubai. "We look forward to creating further depth in the fixed income market and will collaborate with investors and other participants to steadily develop and enhance the platform."
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