(MENAFN- Khaleej Times) Dubai Islamic Bank (DIB), the largest Islamic Bank in the UAE, rang the market-opening bell today to celebrate the listing of a $1 billion Sukuk on Nasdaq Dubai.
The Sukuk is the first benchmark dollar-denominated Sukuk from a GCC issuer in 2018 and provides 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 $5.25 billion. 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. The collaboration between Nasdaq Dubai and DIB underlines Dubai's growth as the global Capital of the Islamic Economy.
Dr Adnan Chilwan, Group CEO, DIB 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."
Abdul Wahed Al Fahim, chairman of Nasdaq Dubai, said: "DIB's dynamic use of the Islamic capital markets and its prominent role in the UAE's banking sector are a mainstay of Shariah-compliant financial activity in Dubai. The close collaboration between DIB and Nasdaq Dubai provides significant support for Dubai's growth as the global Capital of the Islamic Economy, under the initiative launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minster of the UAE, and Ruler of Dubai."
Hamed Ali, chief executive of Nasdaq Dubai, said: "We are strengthening our collaboration with leading Islamic capital markets institutions across a range of financial activities and are in discussion with a growing number of potential issuers regionally and internationally. Dubai's thriving community of Islamic finance specialists at DIB and other institutions will continue to drive the expanding success of the Shariah-compliant financial sector."
The total value of all sukuk listed on Dubai's exchanges has now reached $53.47 billion, the largest amount of any listing centre in the world. DIB's latest $1 billion sukuk listed on Nasdaq Dubai was on February 7.-
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