Fitch Ratings-Dubai/London-15 May 2012: Fitch Ratings has assigned Dubai Islamic Bank PJSC's (DIB) USD2.5bn trust certificate issuance programme a 'A(exp)'expected rating. The issuing entity under the programme is DIB Sukuk Limited (DIBSL).

The final ratings are contingent on the receipt of final documents conforming to the information previously received by Fitch. The ratings are assigned to the programme and not to the certificates issued under the programme. There is no assurance that certificates issued under the programme will be assigned a rating, or that the rating assigned to a specific issue under the programme will have the same rating as the rating assigned to the programme.

DIBSL is a special purpose company, incorporated in the Cayman Islands solely to act as the issuer of the certificates (Sukuk) and trustee for certificate holders.

The 'A(exp)' rating assigned to the programme is driven solely by DIB's Long-term Issuer Default Rating and senior unsecured rating of 'A' due to the Sukuk structure and transaction documents which, as Fitch understands, include the following principal features: i) DIB's obligations rank pari passu with its other senior unsecured obligations; ii) DIB's undertaking to purchase the Sukuk assets on the scheduled or any earlier dissolution dates from DIBSL; and iii) on any periodic distribution date, if the returns generated from the Sukuk assets are insufficient to cover the periodic distribution payments due to certificate holders, DIB is required to pay further amounts to DIBSL to remedy the shortfall.

Fitch understands that certificate holders have an ownership interest in the cash flows generated by the underlying assets, but do not have recourse to those assets.

By assigning ratings to the programme and certificates issued under it, Fitch does not express an opinion on the programme structure's compliance with Shariah principles or whether the relevant transaction documents are enforceable under any applicable law, including, without limitation, Dubai law, Dubai Financial Centre law or UAE federal law.

DIB is a leading Islamic bank in the UAE and the region, 30% owned by the Investment Corporation of Dubai, the investment arm of the Dubai government. The bank offers a full range of banking products and services with retail banking being its largest business activity.

Contact:
Primary Analyst
Mahin Dissanayake
Director
+971 4 408 1806
Fitch Ratings Ltd,
DIFC, Gate Village,
GV07 Level 1, Office 2,
PO Box 506527
Dubai, UAE

Secondary Analyst
Philip Smith
Senior Director
+44 203 530 1091

Committee Chairperson
Claudia Nelson
Senior Director
+44 203 530 1191

© Press Release 2012