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Government of Indonesia issues USD2.5 billion ‘green’ Sukuk on Nasdaq Dubai

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The Government of Indonesia has listed three Sukuk with a total value of USD2.5 billion on Nasdaq Dubai. The Sukuk achieved nearly 6.7 times subscription by investors, including international investors in Asian and Middle East countries. 

The Government of Indonesia has listed three Sukuk with a total value of USD2.5 billion on Nasdaq Dubai. The Sukuk achieved nearly 6.7 times subscription by investors, including international investors in Asian and Middle East countries. 

The listings comprise a 10-year issuance of USD1 billion and two issuances of USD750 million each, one of a five-year maturity and the other for 30 years. The capital raised will fund the economic and social development of Indonesia.

The five-year USD750 million Sukuk is a green issuance that is earmarked for sustainable development projects.

Indonesia now has three green Sukuk listings on Nasdaq Dubai, including the world’s first sovereign green Sukuk issuance of USD1.25 billion that listed in March 2018. 

Abdul Wahed Al Fahim, chairman of Nasdaq Dubai, says: “Nasdaq Dubai is strengthening its support for the Sukuk sector through outreach initiatives in our region and internationally to issuers who can benefit from the high global profile that the exchange provides. We are preparing for a wide range of new listings in coming months, drawing on our close relationships within the Islamic capital markets.”

Hamed Ali, chief executive of Nasdaq Dubai, says: “Dubai’s longstanding capital markets partnership with Indonesia supports the economic development of both nations and the growth of the Sharia’a-compliant financial markets across the world. As we increase our focus on promoting financial markets activity in the sustainable sector, we are delighted to welcome Indonesia’s latest green Sukuk together with its other listings.”

Nasdaq Dubai now hosts six green and one sustainable Sukuk with a total value of USD6.55 billion, underlining its regional role in the Environmental, Social and Governance (ESG) sector.  

The Indonesian government is the largest Sukuk issuer on Nasdaq Dubai by both value and number of listings, with securities totalling USD17.5 billion from 14 issuances. The latest three Indonesian government Sukuk listings took place on 23 June 2020. 

Indonesia’s green Sukuk framework is rated Medium Green by CICERO.

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