Mar 28 2012
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DIB announces repayment of USD 750 million Sukuk
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."
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.
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