Emirates Islamic lists $500mln Sukuk on Nasdaq Dubai

Emirates Islamic lists $500mln Sukuk on Nasdaq Dubai

DUBAI - Hesham Abdulla Al Qassim, Chairman of Emirates Islamic and Vice Chairman and Managing Director of Emirates NBD Group, rang the market-opening bell today to celebrate the listing by Emirates Islamic of a US$500 million Sukuk on Nasdaq Dubai.The Bank achieved a profit rate of 1.827%, the lowest for a Sukuk issued by a UAE bank for 10 years, with subscription of 2.4 times. The issuance was rated A+ by Fitch Ratings and was placed 41% in the Middle East and North Africa, 28% in Asia, 17% to US offshore investors and 14% in Europe.Al Qassim said, "The very favourable reception from our Sukuk investors around the world reflects their strong confidence in Emirates Islamic's sound business fundamentals, active growth strategy and ability to thrive in times of market