Nasdaq Dubai has welcomed the listing of three sukuk issuances from Indonesia amounting to $2.75 billion, as part of the Southeast Asian country’s $45 billion Trust Certificate Issuance Programme.
This marks the fourth time in 2024 that Indonesia has accessed the US dollar debt capital market, establishing it as the only Asian sovereign to do so successfully. This achievement underscores the consistent and strong investor interest in the Republic’s issuances.
The newly-listed sukuk tranches include $1.1 billion 5% trust certificates, due in 2030; $900 million 5.25% trust certificates, due in 2034 and $750 million 5.65% trust certificates due in 2054.
With these listings, the total value of sukuk listed in Dubai reaches $98.9 billion, reaffirming Dubai’s position as the global leading venue of sukuk issuances.
The Indonesian Government is one of the largest sukuk issuers on Nasdaq Dubai, with the latest issuance, Indonesia total listed sukuk on the exchange has grown to $24.6 billion across 21 listings.
The Global Sukuk is structured based on the Shari’a principle of Wakala and has obtained approval from DSN MUI as well as from the Joint Lead Managers and Joint Bookrunners’ respective Sharia Committee.
To commemorate the occasion, Husin Bagis, Ambassador of Indonesia to the UAE, rang the market opening bell alongside Eko NM Saputro, Finance Attache at the Indonesian Embassy in Abu Dhabi on behalf of Government of Indonesia and Hamed Ali, CEO of Nasdaq Dubai and DFM.
Remarkable Achievement
Husin Bagis said that the three sukuk issuances by Indonesia represent a remarkable achievement. Despite global financial challenges, the government successfully entered the market, attracting interest from a diverse range of investors across geographies.
This highlights strong investment appetite and market confidence in the Republic, underpinned by its robust economic fundamentals, he added.
Hamed Ali said that this achievement underscores the strong partnership between Indonesia and Dubai, while reaffirming Nasdaq Dubai’s position as a premier global hub for Islamic finance.
The sukuk listings reflect the strong confidence international investors have in Indonesia’s robust economic fundamentals and the reliability of Nasdaq Dubai as a marketplace. We remain committed to supporting issuers and investors alike, fostering growth and innovation in the global Islamic finance sector, Ali said.
The issuance received an oversubscription rate of 1.8 times, signalling robust interest from global investors and reinforcing confidence in Indonesia’s economic trajectory.
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