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Nasdaq Dubai lists DIB's $1bn Sukuk

Nasdaq Dubai lists DIB's $1bn Sukuk
DIB is the leading UAE-based Sukuk issuer
1.24% 4.89 0.06

UAE - Mubasher: Nasdaq Dubai has welcomed Dubai Islamic Bank's (DIB) $1 billion Sukuk listing, according to a press release on Tuesday.

Aiming to reinforce the DIB's measures to support customers and companies amid the challenging market conditions, the Sukuk offering has been oversubscribed by about 4.5 times with a profit rate of 2.95% per year.

The Sukuk has attracted around 50% of investors from outside the Middle East and North Africa (MENA).

DIB is the leading UAE-based Sukuk issuer by value, which amounted to $6 billion from seven instruments including the latest listing.

The Group Chief Executive of DIB, Adnan Chilwan, said: "Our latest issuance was the first public benchmark Sukuk from a regional financial entity following the disruption caused by COVID-19 and its enthusiastic reception by investors demonstrates confidence in DIB’s forward-looking strategy and operations."

Meanwhile, the Governor of DIFC, Secretary-General of Dubai Islamic Economy Development Centre (DIEDC), and Chairman of Dubai Financial Market (DFM), Essa Kazim, noted: "This new listing by Dubai Islamic Bank underlines the ability of UAE capital markets institutions to collaborate successfully as the country’s economy becomes more active."