Nasdaq Dubai Welcomes Three Sukuk Issuances by Indonesia Worth USD 2.75B

Post by: Elena Malik

Photo: Dubai Government Media Office

Nasdaq Dubai, a major international financial exchange, has welcomed the listing of three Sukuk issuances from the Republic of Indonesia. The total amount raised from these issuances is USD 2.75 billion. The Sukuk is part of Indonesia's larger USD 45 billion Trust Certificate Issuance Programme, which allows the country to issue Sukuk certificates in the international market.

This is the fourth time in 2024 that Indonesia has entered the global debt capital market, highlighting its strong and consistent presence in securing funding. Indonesia has become the only Asian country to do so successfully this year. This is a significant achievement, showcasing that investors remain interested in Indonesia’s debt offerings and trust in the country’s economic stability.

The three Sukuk issued include a USD 1.1 billion tranche of 5.00% Trust Certificates maturing in 2030, a USD 900 million tranche of 5.25% Trust Certificates maturing in 2034, and a USD 750 million tranche of 5.65% Trust Certificates maturing in 2054. These Sukuk certificates are Islamic bonds, which are issued by Islamic law.

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With this new listing, the total value of Sukuk listed on Nasdaq Dubai now reaches USD 98.9 billion, reinforcing Dubai's position as the global leader in Sukuk issuances. The Government of Indonesia is one of the largest Sukuk issuers on Nasdaq Dubai, with a total of USD 24.6 billion in Sukuk listed across 21 separate issues.

To celebrate the occasion, a special ceremony was held where H.E. Husin Bagis, the Ambassador of Indonesia to the UAE, rang the market opening bell. He was joined by Mr. Eko NM Saputro, the Finance Attache at the Indonesian Embassy in Abu Dhabi, and Hamed Ali, the CEO of Nasdaq Dubai and the Dubai Financial Market (DFM).

H.E. Husin Bagis shared his thoughts on the successful Sukuk issuances. He said, “The three Sukuk issuances by the Republic of Indonesia are a remarkable achievement. Despite facing global financial challenges, the government was able to successfully access the market, attracting investors from different parts of the world. This shows the strong investor interest and confidence in Indonesia’s economy, which is backed by its solid economic foundation.”

Hamed Ali, CEO of Nasdaq Dubai, also expressed his excitement. He said, “We are happy to welcome Indonesia’s latest Sukuk listings on Nasdaq Dubai. This is a clear sign of the strong relationship between Indonesia and Dubai. It also confirms Nasdaq Dubai’s role as a leading global marketplace for Islamic finance. The successful issuances reflect international investors' trust in Indonesia’s strong economy and the reliability of Nasdaq Dubai as a platform for Sukuk.”

The Sukuk issuances were highly successful, with an oversubscription rate of 1.8 times. This means there was more demand from global investors than the amount of Sukuk available, signaling strong market confidence in Indonesia’s future and its ability to meet its financial obligations.
This achievement not only highlights the growing importance of Sukuk in the global financial market but also underscores Indonesia’s successful efforts in attracting international investors while maintaining a strong economic foundation.

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