Kazakhstan’s AIX Announces the Listing of its First Sukuk

Qatar International Islamic Bank (QIIB) has cross-listed its USD 500 million Sukuk on the Astana International Exchange (AIX) in Kazakhstan, with its primary listing held on the London Stock Exchange (LSE).

The initial listing on the LSE was made with a spread of 175 basis points over the five-year mid swaps, with a fixed coupon rate of 4.264% per year.

Chief Executive Officer of the AIX, Tim Bennett highlighted that this cross-listing would send positive signals to the market, and encourage the promotion of Islamic instruments in the region.

This in turn, will support AIX’s goal of becoming a prime venue for the listing of Shariah-compl...