Emirates Islamic rings market-opening bell to celebrate listing of US$ 500mln Sukuk on Nasdaq Dubai

Issuance's 2.4 times oversubscription underlines investors' confidence in EI's sound fundamentals and prospects

Emirates Islamic rings market-opening bell to celebrate listing of US$ 500mln Sukuk on Nasdaq Dubai
  • Listing reinforces Dubai’s status amongst largest global Sukuk listing venues with a total value of at US% 80.5 billion

Dubai : Salah Mohammed Amin, CEO of Emirates Islamic, one of the leading Islamic financial institutions in the UAE, today rang the market-opening bell to celebrate the listing of a US$ 500 million Sukuk issued by Emirates Islamic on Nasdaq Dubai, in the presence of Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM).

The 5 years’ benchmark issuance rated A+ by Fitch Ratings was priced at 2.082% and was 2.4 times oversubscribed, which underlines investors’ confidence in Emirates Islamic’s prospects.

Salah Mohammed Amin, CEO of Emirates Islamic, said: “We are pleased with regional and international investors’ strong appetite towards our issuances as a clear indication of their deep confidence in the bank’s sound fundamentals, growth strategy and ability to reinforce and sustain growth. We would like to extend our sincere thanks to Nasdaq Dubai for its dynamic role in creating a world-class marketplace that cements our links with investors across the world.”

“This issuance will further support Emirates Islamic’s business expansion plans and growth agenda as we seek to continue to be an active contributor towards UAE’s economic growth. Emirates Islamic is committed to support UAE’s agenda in becoming a role model in addressing global challenges,” Salah Mohammed Amin added.

From his side, Hamed Ali, CEO of Nasdaq Dubai and DFM, said: “As part of its active role to support leading issuers from the UAE and beyond, Nasdaq Dubai, the international financial exchange in the region, is delighted to welcome the new Sukuk issuance from Emirates Islamic. The successful issuance and listing of this Sukuk is testament on the confidence of fixed income investors in general and Sukuk investors in particular on the constructive regulatory framework of Nasdaq Dubai. We are committed to further expanding our services in line with the requirements of issuers and investors enabling issuers to raise necessary funds to implement growth strategies as well as to diversify investment opportunities.”

It is noteworthy that this Emirates Islamic’s Sukuk was listed on Nasdaq Dubai on 2 November 2021, bringing the bank’s current Sukuk value on the exchange to US$ one billion through two issuances. It also strengthens Dubai capital markets status amongst the leading Sukuk listing venues globally with a total value of US$ 80.5 billion.


About Nasdaq Dubai: Nasdaq Dubai is the international financial exchange serving the region between Western Europe and East Asia. It welcomes regional as well as global issuers that seek regional and international investment. The exchange currently lists shares, derivatives, Sukuk (Islamic bonds), conventional bonds and Real Estate Investment Trusts (REITS).

The majority shareholder of Nasdaq Dubai is Dubai Financial Market with a two-thirds stake. Borse Dubai owns one third of the shares. The regulator of Nasdaq Dubai is the Dubai Financial Services Authority (DFSA). Nasdaq Dubai is located in the Dubai International Financial Centre (DIFC).

About Emirates Islamic:

Emirates Islamic (DFM: EIB), part of Emirates NBD Group, is one of the fastest growing banks in the UAE. Established in 2004 as Emirates Islamic Bank, the bank has established itself as a major player in the highly competitive financial services sector in the UAE.

Emirates Islamic offers a comprehensive range of Shari’a-compliant products and services across the Personal, Business and Corporate banking spectrum with a network of 41 branches and 194 ATMs/CDMs across the UAE. In the fast-growing area of online and mobile banking, the bank is an innovator, being the first Islamic bank in the UAE to launch a mobile banking app and offer Apple Pay, as well as being the first Islamic bank in the world to launch Chat Banking services for customers via WhatsApp.

Emirates Islamic has consistently received local and international awards, in recognition of its strong record of performance and innovation in banking. The bank was named ‘Best Islamic Bank in Customer Experience, UAE, 2020’ at the World Finance Islamic Finance Awards 2021 and received the ‘Best Digital Innovation in Islamic Banking’ award at MEA Finance Banking Technology Summit & Awards, in recognition of its commitment to service excellence and digitisation.It was awarded 'Best Credit Card in the UAE' for its Skywards Black Credit Card and also received the 'Best Credit Card' award for its Emarati Visa Signature credit card at the 2021 International Finance Awards.

As part of its commitment to the UAE community, the Emirates Islamic Charity Fund provides financial aid to those in need, with a focus on food, shelter, health, education and social welfare contributions. Emirates Islamic is the Official Islamic Banking Partner to Expo 2020 Dubai.

For further information, please visit www.emiratesislamic.ae 

Or please contact: 
Amina Al Zarooni
Media Relations Manager, Emirates Islamic
Tel: 971 4 4397430
Email: AminaAlZarooni@emiratesislamic.ae
Tricia Kaul | Imam Asalie
asda’a bcw, Dubai, UAE
Tel: 971-4-4507600, Fax: 971-4-4358040
Email: Tricia.Kaul@bcw-global.com  | Imam.Alsalie@bcw-global.com 

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