2 October 2026
The UAE’s second sovereign retail T-Sukuk is now listed and trading on Nasdaq Dubai. On 2 October 2026 the Ministry of Finance announced that subscription, allocation and settlement are complete and that secondary-market trading has opened. Investors placed orders worth AED 285 million, about 5.7 times the target issuance size of AED 50 million, and came from 110 nationalities. The five-year sukuk pays a profit rate of 5.06% a year in two semi-annual distributions, has a minimum investment of AED 1,000 and can now be bought or sold on the exchange through authorised brokers.
What the Ministry of Finance announced
The subscription window for the second issue ran from 23 to 28 September 2026. Once allocation and settlement were completed, the Ministry listed the paper on Nasdaq Dubai and opened secondary trading. For investors this changes one important thing: a subscriber no longer has to hold the sukuk for the full five years. Units can be sold on the exchange before maturity, and investors who missed the subscription window can buy units from other holders.
According to the Ministry, active market makers and liquidity providers support continuous order-book execution. Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market, said the exchange provides trading infrastructure and dedicated market making so that investors can “buy additional sukuk or exit as their financial needs evolve”. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, called the start of trading a step in deepening the UAE’s domestic AED-denominated capital market.
Who bought the second issue
The Ministry published a breakdown of demand for the second issue:
- Total orders: AED 285 million against a target of AED 50 million, about 5.7 times.
- Small tickets: subscriptions of AED 10,000 or less made up 75% of all applications.
- UAE nationals: 69% of overall demand.
- International reach: investors of 110 nationalities took part.
- Women: 17% of total invested capital.
- Young investors under 25 also took part, although the Ministry did not publish their share.
- Repeat buyers: nearly half of the unique subscribers had also invested in the first tranche.
The release does not state the final allocated size of the second issue. For the first issue the Ministry raised the size from AED 50 million to AED 100 million after receiving AED 445 million in orders. For the second issue only the target and the order book have been published so far.
First and second retail T-Sukuk compared
The figures below come from Ministry of Finance announcements for both issues. The Ministry measured some shares differently: for the first issue it reported shares of the subscriber base, for the second, shares of applications and of demand, so the percentages are close but not strictly comparable.
| Feature | First issue | Second issue |
|---|---|---|
| Tenor | 2 years | 5 years |
| Annual profit rate | 4.30% | 5.06% |
| Minimum investment | AED 1,000 | AED 1,000 |
| Target size | AED 50 million | AED 50 million |
| Orders | AED 445 million, nearly 9 times the target | AED 285 million, about 5.7 times the target |
| Final size | Raised to AED 100 million | Not stated in the release |
| Tickets of AED 10,000 or less | 76% of subscribers | 75% of applications |
| UAE nationals | 72% of subscribers | 69% of demand |
| Listing on Nasdaq Dubai | 2 July 2026 | Announced 2 October 2026 |
Our earlier articles explain how the 5.06% rate of the second issue was set and how the subscription worked, and how the first retail T-Sukuk programme was launched.
What secondary trading means in practice
At subscription, retail T-Sukuk are issued at par value. On the exchange the price is set by the order book, so a buyer may pay above or below par, and a seller may receive more or less than the amount originally invested. The Ministry’s programme page states that liquidity and pricing are subject to market conditions and that past performance is not indicative of future results.
Holders keep receiving profit every six months. At 5.06% a year, AED 10,000 of nominal value earns AED 506 a year, or AED 253 per half-year, before any broker or custodian fees. For the retail T-Sukuk, fees are subject to the terms of the broker or custodian, and VAT may apply to fees charged by banks and platforms. The UAE does not impose personal income tax, so profit distributions and principal repayments are not subject to local income tax, according to the Ministry.
An individual now has three ways to hold UAE sovereign sukuk:
- Subscribe to a new retail issue from AED 1,000 during a subscription window, at par value.
- Buy listed retail T-Sukuk units on Nasdaq Dubai through an authorised broker, at the market price.
- Buy fractional interests in existing listed T-Sukuk from AED 4,000 through participating banks’ digital platforms (Fractionalised T-Sukuk), with a 0.25% buy fee, a 0.25% sell fee and no fee at maturity.
Who can invest
The Ministry’s programme page sets the eligibility rules. Retail T-Sukuk investors must hold a valid DFM National Investor Number (NIN) and be either a UAE national or a UAE resident with a valid Emirates ID. The Fractionalised T-Sukuk is open to citizens and residents with a valid Emirates ID through participating banks, subject to each bank’s terms. For trading on Nasdaq Dubai the Ministry refers investors to authorised brokers, who apply their own account opening requirements.
The rules are written for individuals: an Emirates ID holder with a NIN. A business owner who wants exposure therefore buys in a personal name, and money taken out of the company for that purpose remains an ordinary shareholder distribution that should be documented as such.
What it means for residents and business owners in the UAE
For an expatriate founder, investor or employee, the practical prerequisites are the same as for most UAE investment products. Before buying on the exchange or through a bank platform, check the following:
- A valid UAE residence visa and Emirates ID, or UAE citizenship.
- A working UAE bank account for settlement and profit payments.
- A DFM National Investor Number (NIN).
- An account with an authorised broker for trading on Nasdaq Dubai, or access to a participating bank’s platform for the fractional channel.
- The broker’s or bank’s fee schedule, since fees reduce the 5.06% headline rate.
How Atlant Capital can help
We do not give investment advice and do not sell sukuk. Our work is the groundwork that makes a newcomer eligible for products like this one:
- Residence visas and Emirates ID for founders, employees and family members, through our work visa and residency service.
- Personal and corporate accounts with UAE banks, covered on our bank account opening page. Our guide to opening a bank account in the UAE lists the documents banks ask for and how long the process takes.
- Company setup in a free zone or on the mainland for entrepreneurs relocating their business, so that the residence visa and the bank relationship rest on a working company.
Conclusion
The second UAE retail T-Sukuk drew AED 285 million in orders, about 5.7 times the AED 50 million target, from investors of 110 nationalities, and is now trading on Nasdaq Dubai. It pays 5.06% a year over five years from AED 1,000. With secondary trading open, holders can exit before maturity and new investors can buy units at the market price through authorised brokers.
Source: UAE Ministry of Finance, UAE Ministry of Finance, Retail T-Sukuk.
FAQ
Can I still buy the second UAE retail T-Sukuk after the subscription closed?
Yes. As of 2 October 2026 the five-year retail T-Sukuk is listed and trading on Nasdaq Dubai, so units can be bought from other holders through an authorised broker at the market price, which may be above or below par. Another route is the Fractionalised T-Sukuk from AED 4,000 through participating banks’ digital platforms.
How much demand did the second UAE retail T-Sukuk attract?
Orders reached AED 285 million, about 5.7 times the AED 50 million target. Subscriptions of AED 10,000 or less made up 75% of applications, UAE nationals accounted for 69% of demand, investors came from 110 nationalities and women provided 17% of invested capital. Nearly half of the unique subscribers had also bought the first issue.
What return does the second UAE retail T-Sukuk pay?
It pays a profit rate of 5.06% a year for five years in two semi-annual distributions. AED 10,000 of nominal value earns AED 506 a year, or AED 253 every six months, before broker or custodian fees. The UAE has no personal income tax on profit distributions or principal repayments, but VAT may apply to fees.
Who can invest in UAE retail T-Sukuk?
UAE nationals and UAE residents with a valid Emirates ID who hold a DFM National Investor Number (NIN). Trading on Nasdaq Dubai goes through authorised brokers, and the fractional channel through participating banks’ digital platforms, each with its own account terms and fees.
