Dubai Islamic Bank (DIB) rang the market-opening bell today (November 24) to celebrate the listing of a $1 billion Sukuk on Nasdaq Dubai.
The sukuk achieved a strong 5.7 times subscription rate, attracting more than 150 high-quality investors from the Middle East and around the world.
The profit rate of 4.625 percent per annum is the lowest yield achieved by any bank globally on an Additional Tier 1 (AT1) sukuk issue.
The successful debt issuance was DIB’s first since it completed the integration of Noor Bank, further enhancing DIB's position as one of the leading Islamic banks in the world.
On the sukuk, Group CEO Dr Adnan Chilwan, said: "The very high demand for our latest sukuk issuance clearly demonstrates the market’s confidence in DIB’s growth strategy."
"Our success in this landmark transaction that carries the lowest ever yield achieved by any bank globally on an AT1 Sukuk issue and is the only AT1 Sukuk from the GCC in 2020, is a testament to the bank’s strong credit profile and standing with international and regional investors," he stated.
"In line with the ambitions laid out by the UAE leadership, we will continue our ground-breaking initiatives that support the UAE economy and international markets alike. Our listing on Nasdaq Dubai, as the region’s international financial exchange, supports our links with investors around the world through the high visibility and well regulated platform that the exchange provides," he added.
DIB is the leading UAE-based Sukuk issuer by value on Nasdaq Dubai with a total of $7.3 billion, including the latest one billion US dollar listing.