Dubai Islamic Bank lists $1bln Sukuk on Nasdaq Dubai

Dubai Islamic Bank lists $1bln Sukuk on Nasdaq Dubai

Dubai: Dubai Islamic Bank (DIB) has celebrated the listing of a $1 billion Sukuk on Nasdaq Dubai, according to a press release on Tuesday.With a profit rate of 4.625% per annum, the Sukuk was oversubscribed 5.7 times for attracting over 150 high-quality investors from the Middle East and the world.The Additional Tier 1 Sukuk issuance, which is DIB's first since it completed the integration of Noor Bank, has achieved the lowest yield by any bank globally.The Sukuk issuance raises the total value of Sukuk listed in Dubai to $75.3 billion. Meanwhile, DIB is the leading UAE-based Sukuk issuer by value on Nasdaq Dubai with a total of $7.3 billion.The Group CEO of DIB, Adnan Chilwan, said: "DIB's success in this landmark transaction that carries the lowest-ever yield achieved by any bank globally on an AT1 Sukuk issue and is the only AT1 Sukuk from the GCC in 2020, is a testament to the bank's strong credit profile and standing with international and regional investors."The Chairman of Nasdaq Dubai, Abdul Wahed Al Fahim, commented: "Dubai will maintain its expansion as the global capital of the Islamic Economy under the initiative launched by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister, and Ruler of Dubai."All Rights Reserved - Mubasher