DIB lists $1bn Sukuk on Nasdaq Dubai

Dubai Islamic Bank has listed a $1 billion Sukuk on Nasdaq Dubai, the first benchmark dollar-denominated Sukuk from a GCC issuer in 2018. The bank hopes to provide significant support for the domestic and international growth strategy of DIB.

It is DIB’s sixth Sukuk on Nasdaq Dubai, making the bank the largest UAE debt issuer by value on the exchange with a total of $5.25bn. The latest Sukuk, carrying a profit rate of 3.625 per cent with a five-year tenor, attracted investors from the Middle East, Europe, Asia and North America, including banks, sovereign wealth funds and fund managers.

Group CEO of DIB Dr. Adnan Chilwan said, “2018 has once again seen DIB open the capital markets for the region with another successful Sukuk issuance. The strong demand for the credit continues to grow across a diverse global investor base as we pursue our expansionary agenda, focused on protecting the franchise we have created and making use of our ever-strengthening balance sheet to pursue new opportunities. The master plan developed a decade ago has so far yielded solid results in line with our targeted objectives and our aim today is ensure that this consistency of delivery continues in the years to come. Nasdaq Dubai provides us with high visibility in the marketplace as well as close links to investors in the region and internationally.”

Chairman of Nasdaq Dubai Abdul Wahed Al Fahim said, “DIB’s dynamic use of the Islamic capital markets and its prominent role in the UAE’s banking sector are a mainstay of Shari’ah compliant financial activity in Dubai.”

The total value of all Sukuk listed on Dubai’s exchanges has now reached $53bn, the largest amount of any listing centre in the world.

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