Ajman Bank Lists $300M AT1 Sukuk on Nasdaq Dubai

Ajman Bank has listed its first US$300 million Additional Tier 1 (AT1) Perpetual Sukuk on Nasdaq Dubai, marking the bank's debut capital securities transaction. The listing represents another milestone in the bank's capital markets strategy and aims to strengthen its regulatory capital while expanding its funding sources.

The US$300 million Additional Tier 1 Perpetual Non-Call 5.5-year Sukuk was structured under a Mudaraba arrangement and offers a profit rate of 6.50 percent.

Sukuk Strengthens Capital and Funding Strategy

The new Sukuk issue is designed to enhance Ajman Bank's regulatory capital base and diversify its funding channels. It also builds on the bank's inaugural senior Sukuk issuance completed last year, highlighting its continued participation in the capital markets.

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The issuance received strong interest from investors. The order book exceeded US$500 million, excluding Joint Lead Manager interest, making the offering around 1.7 times oversubscribed.

Strong Demand from Regional and Global Investors

Most of the investment came from the Middle East and North Africa (MENA) region. Around 89 percent of the Sukuk was allocated to investors from MENA, while the remaining 11 percent was purchased by investors from the United Kingdom, Europe, and Asia.

The level of demand reflects broad investor participation from both regional and international markets.

Nasdaq Dubai Marks the Listing Ceremony

To celebrate the listing, Mustafa Al Khalfawi, Chief Executive Officer of Ajman Bank, rang the market-opening bell at Nasdaq Dubai. The ceremony was attended by Hamed Ali, Chief Executive Officer of Nasdaq Dubai and Dubai Financial Market (DFM).

Nasdaq Dubai Highlights Sukuk Market Growth

Commenting on the listing, Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM), said the continued demand for Sukuk demonstrates their important role in meeting the capital requirements of financial institutions across the region.

He said the listing of Ajman Bank's inaugural Additional Tier 1 Perpetual Sukuk further strengthens Nasdaq Dubai's position by giving issuers access to a wide regional and international investor base.

Ajman Bank Sees Milestone in Capital Markets Journey

Mustafa Al Khalfawi, Chief Executive Officer of Ajman Bank, said the successful issuance and listing of the bank's first Additional Tier 1 Perpetual Sukuk marks another important step in Ajman Bank's capital markets journey.

He said the strong investor response reflects confidence in the bank's strategy, financial strength, and the opportunities offered by the UAE's economy. He added that the transaction strengthens the bank's capital position, broadens its funding sources, and supports its long-term sustainable growth strategy while creating value for stakeholders.

Nasdaq Dubai's Sukuk Listings Continue to Expand

Following this listing, Ajman Bank now has US$800 million in Sukuk listed on Nasdaq Dubai.

The exchange said the total value of outstanding Sukuk listed on Nasdaq Dubai has reached US$98 billion, while the overall value of outstanding debt securities has exceeded US$140 billion across 174 listings, reinforcing Nasdaq Dubai's position as one of the world's leading centres for Sukuk issuance.