• Breaking News

    Wednesday, August 26, 2015

    Dubai's Noor Bank to Invest $500 Million in Indonesian Sukuk

    Tobapos -- A group of investors led by Dubai's Noor Bank will invest more than US$500 million in the Indonesian state sukuk, the bank's deputy group CEO Ahmed Aljanahi said.

    Noor Bank, the largest lender in Dubai, is trying to increase its sharia compliant asset holdings, including assets from emerging market countries, such as Indonesia, which has good economic fundamentals, Aljanahi said at a press conference held on Tuesday night.

    "We had issued US$500 million sukuk for Garuda Indonesia earlier. And today we discussed investing a larger amount in sukuk", Aljanahi, who was accompanied by Indonesian Finance Minister Bambang Brodjonegoro, added.

    Earlier, the national flag carrier said Noor Bank had issued global sukuk worth US$500 million in March 2015.

    Aljanahi said Noor Bank was interested in investing in Indonesian securities as the country had good economic fundamentals.

    In addition, Indonesia also had the potential to develop into a sharia compliant economy, he pointed out.

    He said Noor Bank, which is affiliated to the government of United Arab Emirates, had considerable experience in leading to investors and to invest in sharia compliant bonds, particularly in the Middle East.

    "Indonesia is highly open to our market", he said.

    Finance Minister Bambang Brodjonegoro said the Dubai-based investors would realize returns from their purchase of Indonesian sukuk as soon as possible this year.

    The sukuk bought by Dubai investors would come in the form of private placement, he explained. (ant/adm)

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