Dubai –  Emirates Islamic Bank has concluded its debut $500 million syndicated financing facility, according to a recent press release.

The three-year term facility is the first of its kind raised by a Shariah-compliant financial institution. It also aligns with Shariah principles set out by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).

The lender will use the proceeds of the financing for Shariah-compliant general corporate funding purposes. It will boost Emirates Islamic’s balance sheet and back its strategic growth ambitions.

Farid Al Mulla, CEO of Emirates Islamic, said: “As a prominent local Islamic bank, Emirates Islamic remains committed to contributing to the UAE’s progress by spearheading innovations in the Islamic banking sector and creating innovative Shariah-compliant products and services that adhere to the highest standards of ethical banking.”

Mohammad Kamran Wajid, Deputy CEO of Emirates Islamic, commented: “Over the past two decades, we have remained committed to delivering exceptional banking services to our customers, and this Shariah-compliant financing facility will further strengthen their confidence in Emirates Islamic.”

Emirates NBD Capital Limited, HSBC Bank Middle East Limited, and Standard Chartered Bank acted as global coordinators and mandated lead arrangers and bookrunners.

In 2023, the DFM-listed bank reinforced its commitment to reinforcing liquidity in the local currency Sukuk market, by issuing an AED 1 billion public Sukuk.

Emirates Islamic recorded 71% higher net profits at AED 2.12 billion in 2023, versus AED 1.24 billion in 2022.

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