Nasdaq Dubai, Bourse de Tunis partner to boost Islamic finance
Nasdaq Dubai is the world’s largest venue for sukuk listings at $45.06 billion. (File photo)
Click here to add Africa Finance Corporation as an alert
Disable alert for Africa Finance Corporation,
Click here to add Bilel Sahnoun as an alert
Disable alert for Bilel Sahnoun,
Click here to add Bourse de Tunis as an alert
Disable alert for Bourse de Tunis,
Click here to add Dubai as an alert
Disable alert for Dubai,
Click here to add Hamed Ali as an alert
Disable alert for Hamed Ali,
Click here to add NASDAQ Dubai as an alert
Disable alert for NASDAQ Dubai,
Click here to add Orascom Construction as an alert
Disable alert for Orascom Construction,
Click here to add William Mullally as an alert
Disable alert for William Mullally,
Click here to add Youssef Chahed as an alert
Disable alert for Youssef Chahed
Nasdaq Dubai and Bourse de Tunis have signed a Memorandum of Understanding (MoU) to explore collaboration possibilities, including initiatives regarding existing and future issuers and listings on the two exchanges, according a media statment,
Ways to promote Islamic capital markets products and solutions will also be considered under the MoU, together with supporting potential links between central securities depositories in the respective jurisdictions.
Bilel Sahnoun, Chief Executive of Bourse de Tunis said: “This landmark agreement promotes close cooperation between the exchanges for the benefit of issuers, investors and brokers in Tunisia, the UAE and the wider MENA region. Nasdaq Dubai’s global and regional investor pool, combined with its international regulatory structure, make it an ideal platform to collaborate with Bourse de Tunis to support capital raising initiatives by a wide range of entities.”
Bourse de Tunis’ main objective is to serve the real economy, help financial market orientation of Tunisian companies and attract more foreign investor interest further to the enactment of an investment law enshrining the equality between foreign and domestic investors. Currently, eighty companies are listed with a market value of 9 billions of dollars.
Hamed Ali, Chief Executive of Nasdaq Dubai, said, “As the region's international exchange, Nasdaq Dubai looks forward to strengthening its links with Bourse de Tunis and the North African capital markets community, in order to promote business activity and opportunities for issuers and investors. Our international framework is designed to accommodate close cooperation with regional exchanges to support their growth and development.”
During his visit to Tunisia Mr. Ali also met with Youssef Chahed, the Prime Minister, and other officials to discuss capital markets developments.
Nasdaq Dubai hosts a range of international and UAE equity listings, including Egypt’s Orascom Construction, and the exchange is the world’s largest venue for Sukuk listings at 45.06 billion US dollars. Africa Finance Corporation (AFC) utilised the exchange’s Murabahah Islamic financing platform to facilitate its issuance of a $150 million Sukuk in January 2017. Pursuing its remit to bring new asset classes to the region, Nasdaq Dubai opened an equity futures market in September 2016.
By William Mullally
- Al Tayer bucks the US department store trend with Bloomingdale's Kuwait opening
- Gulf Islamic banks set to outperform conventional banks for second year: Moody's
- Jordan secures EU finance for socioeconomic and environmental programs
- Same-day service deliveries in GCC an untapped market: Wing CEO
- Will terror attacks damper Arabs' appetite for European holidays?
- Dubai gold securities listed on Nasdaq Dubai
- Al Baraka Banking Group empowerment partner for Women in the Financial and Banking campaign and conference
- Ilyas & Mustafa Galadari Group raise islamic facilities from Mashreq & Al Hilal Bank
- Still a way to go for UAE markets
- DIFC calls for uniform legal and financial frameworks and common payment