Emirates Islamic is one of the leading Islamic financial institutions in the UAE and also rated A+ (Stable) by Fitch. It has closed successfully the 5 year US$ 500 million Sukuk issuance from its US$ 2.5 billion Certificate Issuance Programme.
The popular issuance is going to publish on NASDAQ Dubai and Euronext Dublin. Investors showed their interest which finished in an order book of USD$ 1.2 billion which was approximately 2.4 times issuance size with a profit rate of 1.827%, the below achieved by a UAE bank in the past 10 years.
The investor base was extended geographically, with 41% placed into the Middle East and North Africa, 28% allowed to Asia, 17% issued to US offshore investors, and 14% into Europe.
Bank ABC, Citigroup, Dubai Islamic Bank, Emirates NBD Capital, HSBC, Standard Chartered Bank, and The Islamic Corporation carried out a vital role as Joint Lead Managers and Bookrunners for the Development of the Private Sector.
Salah Amin, Chief Executive Officer, Emirates Islamic said, “We are greatly proud that the Sukuk issuance has been oversubscribed reaffirming great investor confidence in Emirates Islamic’s fundamentals and growth story. We are satisfied with the amazing response from both regional and global investors which is a positive endorsement of the Bank’s credit strength and investor proposition.”