Connecting intelligence with intelligence

Sign in to your Zawya account

Forgot username or password?
×

Back to Sign-In Form

If you have forgotten your login details, please re-confirm your email address below and your username and password will be sent to this email shortly.

Need more help?

Customer Support support@zawya.com
+971 4 233 8178

×
Advertisement

Mar 28 2012

DIB announces repayment of USD 750 million Sukuk

In This Article

Dubai Islamic Bank

Related

News
Sukuk
Repayment from own sources of Sukuk issued in March 2007 underlines financial strength of the bank
 Dubai, March 28, 2012: Dubai Islamic Bank ( DIB ) today announced that it has repaid in full a USD 750 million five-year Sukuk, which matured on March 22, 2012, from its own sources, demonstrating the bank's financial strength and comfortable liquidity position.

Issued in March 2007, the Sukuk was oversubscribed by three times, with 45% allocation in the Middle East, 25% in Asia and 30% in Europe, underscoring the regional and international market confidence in DIB .

The only capital market issuance done directly by DIB , the Sukuk was issued through a special purpose vehicle, DIB Sukuk Company Limited, established in the Cayman Islands, and was the first Sukuk to be listed both on the Dubai International Financial Exchange (DIFX) and the London Stock Exchange.

Dr. Adnan Chilwan, Deputy CEO - Chief of Consumer and Wholesale Banking, DIB , said: "The repayment of the Sukuk in full is a clear demonstration of the financial strength of DIB . The ability to repay from our own resources without the need to refinance is testament to the robust fundamentals we have built over the past years. The investor confidence gained by the Sukuk across a wide geography further highlight our credentials in successfully strengthening our funding sources, despite the challenging market conditions that prevailed globally. We will continue to explore potential opportunities to expand our funding sources in the future."

DIB reported an operating profit of AED 1.03 billion for 2011 while net profit increased to AED 1.01 billion. DIB 's total assets stood at AED 90.59 billion and the bank's customer base continued to expand, with customer deposits reaching AED 64.77 billion at the end of 2011, and liquidity position comfortable at 74% Advances to Deposit ratio (ADR).

Recently, Tamweel a mortgage finance company majority owned by DIB , launched its own USD 300 million five-year Sukuk which was fully subscribed by the market.

Disclaimer:
NASDAQ Dubai is not responsible for the content of issuer disclosures.

© Press Release 2012

© Copyright Zawya. All Rights Reserved.

Be the first to comment

Oddly Enough

Related to this article

Send This Article To Your Friends

All fields are required.

Use commas for multiple email addresses

We'll use your email address to send the article on your behalf and it will not be collected or used for any other purposes.

X
Panel