Bloomberg/Christopher Pike

Islamic Finance Sukuk

DIB lists Sukuk on Nasdaq Dubai

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The Sukuk achieved 4.9 times oversubscription from regional and global investors.

Thursday 07, February 2019 BY KUDAKWASHE MUZORIWA

Dubai Islamic Bank (DIB) rang the market-opening bell celebrating the listing of a $750 million Sukuk on Nasdaq Dubai.

The Sukuk was 4.9 times oversubscribed with a 62 per cent allocation to Middle East investors, 19 per cent to Europe, 18 per cent to Asia and one per cent to the US offshore.

In a statement, Nasdaq Dubai stated that as a perpetual non-call six-year Sukuk, it was the first hybrid capital issuance from the GCC in 2019.

Dr. Adnan Chilwan, the Group Chief Executive of DIB, said, “We are delighted that our Sukuk was able to achieve the lowest pricing at 6.25 per cent of any Basel III compliant AT1 instruments issued under the new capital guidelines from the UAE.”

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.

TAGS : Dubai Islamic Bank, Nasdaq Dubai, Sukuk, Basel III

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