Indonesia’s hiring of Emirates NBD illustrates Dubai’s growing Sukuk muscle

Emirates NBD, the quasi-national Dubai bank opened up a representative Indonesian office in November 2013 and thus far, its forays into the Sukuk arranger market had been largely for Dubai centric outfits such as Dubai Investment Park, Emaar, DEWA, Emirates Islamic Bank and Jebel Ali Freezone.

The appointment by Indonesian Government as well as recent Sukuk deals for Al Baraka Turk, and Al Hilal Bank illustrate Dubai’s growing international ambitions to be seen as a leading financial hub, as well as an Islamic Finance centre are on track.

Formed in 2007 from a merger of Emirates Bank and National Bank of Dubai, Emirates NBD is a major Middle Eastern banking group with assets worth roughly US$90.4 billion.

The “Dubai – Capital of Islamic Economy” initiative, launched in 2013, seeks to place the emirate on the international economic map in three years as the global destination of choice that provides Islamic products, finance and services as well as raising the standards for the management and quality of this sector to new levels.