Emirates Islamic issues $750m sustainability sukuk

Emirates Islamic issues $750m sustainability sukuk

Dubai – Mubasher: Emirates Islamic Bank has issued a $750 million five-year senior unsecured sustainability sukuk.

The sukuk issuance received great demand from investors across different regions and was oversubscribed 2.80 times, according to a press release.

A strong order book exceeding $2.10 billion allowed the bank to tighten the profit rate to 5.431% per annum, with a spread of 100 basis points over five-year US Treasuries.

Farid Al Mulla, CEO of Emirates Islamic, said: “In line with its vision to be the pioneering Shariah-compliant bank for customers, people, and communities, Emirates Islamic is committed to reducing its environmental impact, in line with the UAE Net Zero by 2050.”

 Mohammad Kamran Wajid, Deputy CEO of Emirates Islamic, stated: “The announcement also contributes to the Emirates NBD Group-wide sustainability efforts as a signatory of the UAE Banking Federation pledge to mobilise AED 1 trillion in sustainable finance by 2030.”

Vijay Bains, Group Chief Sustainability Officer, Group Head of ESG at Emirates NBD, highlighted: “The issuance of our first Sustainability Sukuk exemplifies our ongoing commitment to introducing tailored and innovative ESG-linked financial solutions that will drive the global shift towards a sustainable economy.”

Emirates NBD Capital and Standard Chartered Bank served as joint global coordinators, with Abu Dhabi