Abu Dhabi: Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, has been appointed as a primary dealer for the Federal Treasury Sukuk Programme. This new programme has been launched by the federal government of the UAE, through the Ministry of Finance (MOF) and aims to issue Sukuk through Shariah-compliant structures as approved by the Higher Shari’ah Authority.
The Federal Government has previously had a conventional bond issuance programme in the UAE, and is now introducing a Sharia-compliant Treasury Sukuk. The programme for conventional T-bonds was initiated April last year with the participation of six local and international banks, with an aim to create a yield curve for the Emirati Dirham. The programme also offers investors a low-risk opportunity to invest in the local currency for mid and long-term periods.
Abdul Qadir Khanani, Group Treasurer at Abu Dhabi Islamic Bank (ADIB), said: “We are proud to have been appointed as a primary dealer for the programme. The recent extension to include Sukuk through Sharia-complaint structures, as approved by the Higher Sharia Authority, is indeed a significant development, as it ensures that Islamic banking and finance adhere to the principles of Sharia law, offering increased options for investors looking to invest in Sharia-compliant financial products.”
Khanani further added: “This appointment will allow ADIB to offer allocated Sukuk to its customers, and to other qualified investors in the secondary market, which will further enhance ADIB’s position as a leading Sharia-compliant bank and will support our growth plans.”
The move is a testament to ADIB’s commitment to supporting the growth of Islamic finance in the UAE and across the region. ADIB's expertise will enable it to offer innovative financial solutions to investors and help them tap into the potential of Islamic finance and make it more accessible. It is also expected to attract both local and international investors, supporting the development of the UAE's financial market and further strengthening and widening its position as a leading financial hub in the region.
About ADIB
ADIB is a leading bank in the UAE with more than AED 172 billion in assets. The bank also offers world-class online, mobile and phone banking services, providing clients with seamless digital access to their accounts 24 hours a day. ADIB provides retail, corporate, business, private banking and wealth management solutions. The bank was established in 1997 and its shares are traded on the Abu Dhabi Securities Exchange (ADX).
ADIB has presence in six strategic markets: Egypt, where it has 70 branches, the Kingdom of Saudi Arabia, the United Kingdom, Sudan, Qatar and Iraq.
Named World’s Best Islamic Bank by The Financial Times’ The Banker publication, ADIB has a rich track record of innovation, including introducing the award-winning Ghina savings account, award-winning co-branded cards with Emirates airlines, Etihad and Etisalat and a wide range of financing products.
