H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance, emphasized the importance of supporting Dubai’s initiative as the capital of Islamic economy and highlighted the Islamic Development Bank’s position as a strategic partner and a major contributor to the achievement and success of this initiative.

It was announced during the reception held by H.H. Sheikh Hamdan to a delegation from the Islamic Development Bank (IDB), at Zabeel Palace, headed by Dr. Abdul Aziz Al Hinai, the Vice President for Finance of the bank.

During the visit, IDB announced that it will issue Sukuk worth AED4 billion, which will be listed on Nasdaq Dubai, on February 27th 2014, with the aim of providing additional financial resources to support the Bank’s expansion plans and to support Islamic economic and financial sectors within the UAE. The listing falls in line with the Bank’s Medium Term Note Program, which recently increased from AED24 billion to reach AED37 billion.

It is worthy to mention that the UAE is considered one of the main founders of the Bank and has maintained a close partnership with IDB, as per the Federal Decree No. 91 of the year 1974. The UAE’s contribution to the Bank’s capital amounted to 1.36 billion Islamic Dinars (ID), i.e.7.54%.