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DIB lists $750m sukuk on Nasdaq Dubai

DIB lists $750m sukuk on Nasdaq Dubai
The issue was oversubscribed 4.9 times
0.00% 5.11 0.00

Dubai – Mubasher: Nasdaq Dubai on Wednesday announced listing dollar-denominated sukuk issue of $750 million for Dubai Islamic Bank (DIB), the UAE’s largest Islamic bank.

The issue was oversubscribed 4.9 times, while annual profit rate reached 6.25%, the lender said in a statement.

Around 40% of investors are not from the Middle East, DIB noted.

“The high subscription rate for our latest Sukuk demonstrates strong global investor confidence in DIB’s performance and strategy,” DIB’s CEO Adnan Chilwan said.

DIB is the leading UAE-based sukuk issuer by value on the exchange with a total of $6 billion from seven instruments including the latest listing, according to the statement.

DIB last reported an 11% year-on-year profit increase for the full-year 2018, logging AED 5 billion, compared to AED 4.5 billion in 2017.