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Nasdaq Dubai announced on July 14, 2026, that it has welcomed the listing of Ajman Bank’s $300 million Additional Tier 1 perpetual sukuk. The instrument follows a Mudaraba structure with a profit rate of 6.5 per cent and a non-call period of 5.5 years, marking the first such capital securities deal on the exchange. According to the announcement, the sukuk generated strong investor interest with an order book of $500 million excluding joint lead manager commitments, resulting in 1.7 times oversubscription.
Eighty-nine per cent of the demand came from investors in the MENA region while the remaining 11 per cent was from international accounts in the United Kingdom, Europe and Asia, Nasdaq Dubai figures show. Mustafa Al Khalfawi, chief executive officer of Ajman Bank, performed the ceremonial first trade by ringing the bell at the exchange. Hamed Ali, who serves as chief executive of both Nasdaq Dubai and Dubai Financial Market, joined the event to mark the milestone.
The listing increases Ajman Bank’s total sukuk outstanding on Nasdaq Dubai to $800 million. Nasdaq Dubai data places the exchange’s aggregate sukuk listings at $98 billion as part of a broader debt securities portfolio valued at $140 billion across 174 separate instruments. The development comes after Ajman Bank priced the perpetual sukuk on July 8 at the 6.5 per cent rate.
S&P Global Ratings reported that sukuk issuance worldwide climbed to $264.8 billion in 2025 and is forecast to register further growth during 2026. Fitch Ratings projected the UAE’s debt capital market to exceed $350 billion in 2026, underlining the sector’s expansion. An IMARC Group industry forecast places the global sukuk market on track to reach $4.19 trillion by 2034, expanding at a compound annual growth rate of 12.51 per cent from 2026 levels.
Ajman Bank issued the sukuk to bolster its regulatory capital and diversify its funding sources in line with its growth strategy. The bank holds a BBB+ rating with a stable outlook from Fitch Ratings. Earlier announcements from the bank indicated the sukuk would also list on the London Stock Exchange’s International Securities Market.
