
Dubai Islamic Bank/Bloomberg
by Kudakwashe MuzoriwaDubai Islamic Bank (DIB) has issued $750 million five-year Sukuk with a profit rate of 2.95 per annum, the Shari’ah-compliant lender’s second foray into the international capital markets in 2019.
Dr. Adnan Chilwan, the Group Chief Executive Officer of DIB, said, “We are extremely pleased with the outcome of this transaction and remain committed to our local and global investors who continue to support our diversified funding strategy.”
The Islamic bond was issued as a drawdown under the bank’s $7.5 billion trust certificate issuance programme which is listed on Euronext Dublin and Nasdaq Dubai.
DIB said that the Islamic bond’s profit rate of 2.95 per cent is the tightest achieved by an FI Sukuk in 2019.
Bank ABC, Dubai Islamic Bank together with Emirates NBD Capital, First Abu Dhabi Bank, as well as HSBC, Maybank and Sharjah Islamic Bank, were appointed as joint lead managers and bookrunners on this transaction.
Similarly, the Islamic Corporation for the Development of the Private Sector acted as a joint lead manager while Kuwait International Bank acted as a co-manager.
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