Dubai-Mubasher: Emirates Islamic Bank (EIB) confirmed it issued AED 918.24 million ($250 million) of Sukuk Tap, according to a bourse statement.

The new sukuk issue comes in line with the banks’ funding plans to “enable growth and improve liquidity”.

The issuance will have no significant impact on trading of EIB’s shares, the statement said, adding that the effect of the issue will appear in the third quarter of 2016.

The bank announced earlier that the issuance comes under its $2.5 billion Certificate Issuance Programme.