JAFZ Sukuk Holders Approve Early Redemption of $2 Billion
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Jebel Ali Free Zone FZE, a business park operator in Dubai, received approval from holders of its 7.5 billion-dirhams ($2 billion) Islamic bonds to redeem the trust certificates ahead of their maturity in November.
The majority of sukuk investors who voted for the plan will be “entitled to receive the consent fee of 100 dirhams per 100,000 dirhams in principal amount of the certificates” on or about May 29, Jebel Ali said in a statement to Nasdaq Dubai today. The floating-rate notes that comply with Islam’s ban on paying interest are due in November.