The UAE’s Emirates Islamic Bank (EIB) has mandated lenders for a dollar-denominated Regulation S five-year fixed rate sukuk, which will be issued under its $4 billion Certificate Issuance Programme.

Banks mandated for the senior unsecured sukuk offering include Dubai Islamic Bank, Emirates NBD Capital, HSBC, Mashreq, Sharjah Islamic Bank and Standard Chartered Bank as Joint Lead Managers and Joint Bookrunners.

The Dubai-listed Islamic lender, rated A+ (stable) by Fitch, is 99.9% owned by Emirates NBD Bank, Dubai’s biggest bank by assets.

Last week, EIB accepted an offer from its majority shareholder to acquire its remaining shares, following which it will be de-listed from Dubai Financial Market (DFM).

The sukuk will be listed on Nasdaq Dubai and Euronext.

(Writing by Bindu Rai, editing by Seban Scaria)