UAE Federal sukuk program names Adib as primary dealer

UAE Federal sukuk program names Adib as primary dealer

Local News, Uncategorized















ABU DHABI / WAM

Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, has been appointed as a primary dealer for the Federal Treasury Sukuk Programme. This new programme has been launched by the federal government of the UAE, through the Ministry of Finance (MoF) and aims to issue Sukuk through Shariah-compliant structures as approved by the Higher Shari’ah Authority.

The Federal government has previously had a conventional bond issuance programme in the UAE, and is now introducing a Sharia-compliant Treasury Sukuk. The programme for conventional T-bonds was initiated April last year with the participation of six local and international banks, with an aim to create a yield curve for the Emirati Dirham.

The programme also offers investors a low-risk opportunity to invest in the local currency for mid and long-term periods.

Abdul Qadir Khanani, Group Treasurer at Abu Dhabi Islamic Bank (ADIB), said, “We are proud to have been appointed as a primary dealer for the programme. The recent extension to include Sukuk through Sharia-complaint structures, as approved by the Higher Sharia Authority, is indeed a significant development, as it ensures that Islamic banking and