First Islamic bonds listed on AIX
NUR-SULTAN. KAZINFORM Astana International Exchange («AIX», «Exchange») announces the first cross listing at AIX of Sukuk issued by Qatar International Islamic Bank (QIIB) with primary listing on the London Stock Exchange (LSE). This QIIB debt is a Shari’ah-compliant, fixed-income capital markets instrument, the AIFC informs on its website.
The offering has been initially made on LSE in the amount of US$500 mln with a spread of 175 basis points over the 5-year mid swaps carrying a fixed coupon of 4.264% per annum.
«We are pleased with the choice of QIIB to cross-list their sukuk on AIX along with LSE which demonstrates trust of international business community in our financial centre. We welcome all potential issuers to follow suit and benefit from using AIFC platform in order to gain access to a broader investors base, improve liquidity and gain visibility to Islamic financial products in new markets. I believe this kind of mutually beneficial cooperation with our partners contributes to the development of Islamic finance industry in Kazakhstan and the region and promotes AIFC as the international Islamic finance hub,» Dr. Kairat Kelimbetov, AIFC Governor, stated.
«We thank AIX team who made great efforts to help QIIB successfully listing of our Sukuk which is very important to our international presence strategy, it’s also our honour to be a part of the strategic partnership with AIFC to promote the Islamic financial business in the Republic of Kazakhstan,» Dr. Abdulbasit Al-Shaibei, CEO of QIIB said.
Tim Bennett, CEO of AIX, noted: «We welcome Qatar International Islamic Bank in our market and are glad to announce listing of the first Senior Sukuk issue with us. We believe this listing is a good signal to the market and will kickstart the further promotion of Islamic instruments in the region. AIX has an ambition to become a key venue for listing of Shari’ah-compliant products and we are keen to support both potential issuers and investors to ensure the growth of such products at AIX.»
AIX was formed in 2017 within the Astana International Financial Centre development framework. AIX shareholders are AIFC, Goldman Sachs, the Shanghai stock exchange, the silk Road Fund, and NASDAQ, which also provides the AIX trading platform. The exchange operates within a regulatory environment based on the principles of English common law, thus providing a reliable investment environment. The mission of AIX is to develop an active capital market in Kazakhstan and the region by providing clear and favorable conditions for attracting financing to private and public businesses. AIX develops special segments for mining companies as well as infrastructure projects under the Belt and Road initiative.
AIFC. Astana International Financial Center (AIFC) was established on the initiative of Nursultan Nazarbayev, the First President of the Republic of Kazakhstan. The constitutional law establishing AIFC was signed on December 7, 2015. The aim of AIFC is to form a leading center of international financial services. The objectives of AIFC are to assist in attracting investments into the country's economy, create an attractive environment for investment in financial services, develop the securities market of the Republic of Kazakhstan and ensure its integration with international capital markets.
QIIB. Qatar International Islamic Bank is a privately owned Islamic bank in the State of Qatar offering personal and corporate Islamic banking solutions. Regulated by the Qatar Central Bank and highly rated for financial strength and outlook by international rating agencies, the bank works within local and international standards to deliver the best Shari’ah compliant deposit, finance and insurance products for its customers.