Nasdaq Dubai Lists UAE’s First Sovereign Retail Sukuk

Historically, sukuk—Islamic certificates that function similarly to bonds by granting partial asset ownership rather than interest-based debt—remained the exclusive domain of institutional players. By opening this issuance to the retail market, the UAE is effectively democratizing access to these Sharia-compliant instruments. The issuer commits to repurchasing the certificates at face value on a predetermined date, providing a structured alternative to traditional interest-bearing securities.

Mark Steward, CEO of the DFSA, described the listing as a signal moment for local capital markets, noting that it reflects the ongoing evolution of the Dubai International Financial Centre toward broader investor participation. The move arrives amid a robust outlook for the sector, with S&P Global projecting total global sukuk issuance to reach between $270 billion and $280 billion by 2026. With more than $98.6 billion in outstanding sukuk already listed on Nasdaq Dubai, this retail expansion reinforces the exchange's position as a primary hub for Islamic finance.