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."

All Rights Reserved - Mubasher Info © 2005 - 2020 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.
© Mubasher 2020