Dubai Islamic Bank lists $1bn sukuk on Nasdaq Dubai

Dubai Islamic Bank lists $1bn sukuk on Nasdaq Dubai

Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, rang the market-opening bell at the Nasdaq Dubai on Tuesday, November 24, to mark its listing of a one $1bn sukuk on the exchange.

The sukuk achieved a strong 5.7 times subscription rate, and attracted over 150 investors from around the world.

The profit rate of 4.625 per cent per annum is the lowest yield achieved by any bank globally on an Additional Tier 1 Sukuk issue.

DIB is now the highest UAE-based sukuk issuer by value on Nasdaq Dubai with a total of $7.3bn, including this latest $1bn listing.

"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,“ said Dr. Adnan Chilwan, group CEO of DIB.

Today Nasdaq Dubai welcomes Dubai Islamic Bank's USD one billion #Sukuk listing. @DIBtoday is the largest #UAE Sukuk issuer on Nasdaq Dubai, with their latest achievement bringing their total to USD 7.3 billion. Congratulations! https://t.co/PXcPhoYzxP pic.twitter.com/hHC9ByHZ14

“” Nasdaq Dubai (@NasdaqDubai) November 24, 2020

DIB's listed its $1bn sukuk