Mubasher: Warba Bank has arranged and issued Islamic sukuk on behalf of the UAE company Emirates REIT for a total value of $400 million (KWD 120 million).

Emirates REIT is the first UAE-based real estate investment trust that is in in compliance with sharia laws, with a classification of “BB+”.

Subscribing to this sukuk issue exceeded expectations due to investors’ sentiments, according to Warba Bank’s bourse statement on Wednesday.

The sukuk, which focus mainly on ijarah and murabaha, will be matured in five years, with an annual return of 5.12%.

At the stock level, Warba Bank retreated 0.43% to 229 in the mid-session of Wednesday.