Emirates Islamic closes $500mln Sukuk

To be listed on Nasdaq Dubai and Euronext Dublin

  
United Arab Emirates Currency - Dirhams. Dubai, United Arab Emirates. Image used for illustrative purpose.

United Arab Emirates Currency - Dirhams. Dubai, United Arab Emirates. Image used for illustrative purpose.

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Dubai: Emirates Islamic Bank has successfully closed the issuance of five-year Sukuk worth $500 million from its $2.5 billion Certificate Issuance Programme.

To be listed on Nasdaq Dubai and Euronext Dublin, the Sukuk issuance saw strong demand from regional and international investors, with a subscription order of $1.2 billion, 2.4 times more than the issuance size.

The Sukuk has a profit rate of 1.827%, the lowest achieved by a UAE bank in the past ten years.

The investor base was diversified geographically, with 41% coming from the Middle East and North Africa, 28% from Asia, 17% from the US, and 14% from Europe.

The CEO of Emirates Islamic, Salah Amin, commented: "We are pleased with the overwhelming response from both regional and global investors which is a positive endorsement of the Bank’ credit strength and investor proposition."

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