Dubai Islamic Bank issues $1 billion sukuk

The largest Islamic bank in the UAE, Dubai Islamic Bank (DIB), has celebrated the listing of a $1 billion sukuk on Nasdaq Dubai by ringing the exchange’s market opening bell.

The listing, its sixth sukuk issuance on Nasdaq Dubai, took place earlier this month and makes the bank the largest UAE-based debt issuer on the exchange by value with a total of $5.25 billion. It is also the first benchmark dollar-denominated sukuk from a GCC issuer in 2018.

“The strong demand for the credit continues to grow across a diverse global investor base as we pursue our expansionary agenda, focused on protecting the franchise we have created and making use of our ever-strengthening balance sheet to pursue new opportunities,” said Adnan Chilwan, group chief executive, DIB.

The listing increases the total value of sukuk listed on Dubai’s exchanges to $53.47 billion, making it the largest amount of any listing centre in the world.

Hamed Ali, chief executive of Nadaq Dubai, said the exchange will continue to seek collaborations with Islamic capital markets institutions and potential issuers regionally and internationally.

©2018 funds global mena

Related Articles