• This additional Tier 1 Sukuk is dual listed on Nasdaq Dubai and Euronext Dublin.
  • As a frequent issuer, currently the Bank has over USD 9 billion through 11 outstanding Sukuk listings on the exchange.

Dubai – Nasdaq Dubai welcomes the listing of USD 500 million Sukuk issued by Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE.

The additional Tier 1 (AT1) Sukuk was issued at a profit rate of 5.25 percent per annum and received strong investor demand, resulting in substantial oversubscription. This strategic issuance reinforces DIB's leadership in the global Islamic finance sector, providing additional capital to support its growth strategy.

With this listing, Nasdaq Dubai further cements its position as a leading global hub for Sukuk, with total outstanding Sukuk now reaching USD 93 billion across 102 listings and a combined USD 133 billion in capital market listings. The exchange remains dedicated to supporting Islamic finance and fixed-income products, providing a robust platform for issuers and investors globally.

The issuance attracted a diverse range of investors, including financial institutions, private banks, and fund managers from Europe, Asia, and the Middle East, underscoring the growing appeal of Islamic financial instruments and highlighting investor confidence in the UAE’s robust financial market. The Sukuk is dual listed on Nasdaq Dubai and Euronext Dublin.

To commemorate the listing, Saeed Wajdi, Chief of Treasury at Dubai Islamic Bank rang the bell at the market-opening ceremony at Nasdaq Dubai, alongside Hamed Ali, CEO of Nasdaq Dubai and DFM.

Dr. Adnan Chilwan, Group Chief Executive Officer of DIB, stated: "The successful reception of our USD 500 million Sukuk listing on Nasdaq Dubai transcends beyond reaffirming market confidence in Dubai Islamic Bank. It signifies a robust endorsement of the UAE's economic resilience and future ambitions. In line with the leadership's transformative vision, we are driving initiatives that strengthen the national economy and position us as a global leader in Islamic finance. This listing amplifies our profile, connecting us with a broader spectrum of investors and utilizing Nasdaq Dubai’s well-regulated platform to expand our global reach and elevate our investor relations.”

Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM), said: “We welcome Dubai Islamic Bank’s latest Sukuk listing to Nasdaq Dubai, which underscores the growing demand for Islamic finance and the strength of the UAE’s capital markets. We remain committed to providing a dynamic platform that supports issuers and investors, fostering growth and innovation in Islamic finance worldwide.”

The transaction, executed intra-day, achieved a reset spread of 133.4 basis points over US Treasuries, marking the lowest for an AT1 instrument globally since the 2009 financial crisis. Rated A3 (Stable) by Moody’s and A (Stable) by Fitch, DIB currently boasts an outstanding value of over USD 9 billion through 11 Sukuk listings on Nasdaq Dubai.

About Dubai Islamic Bank:

Established in 1975, Dubai Islamic Bank is the largest Islamic bank in the UAE by assets and a public joint stock company listed on the Dubai Financial Market. Spearheading the evolution of the global Islamic finance industry, DIB is also the world’s first full service Islamic bank and amongst the largest Islamic banks in the world.  With Group assets almost reaching USD90 billion and market capitalisation of nearly USD 9bln, the group operates with a workforce of more than 10,000 employees and around 500 branches in its vast global network across the Middle East, Asia and Africa. Serving over 5 million customers across the Group, DIB offers an increasing range of innovative Shariah compliant products and services to retail, corporate and institutional clients.

In addition to being the first and largest Islamic bank in the UAE, DIB has a significant international presence as a torchbearer in promoting Shariah-compliant financial services across a number of markets worldwide. The bank has established DIB Pakistan Limited, a wholly owned subsidiary which is the first Islamic bank in Pakistan to offer Priority & Platinum Banking, as well as the most extensive and innovative portfolio of Alternate Distribution Channels. The launch of Panin Dubai Syariah Bank in Indonesia early in 2017 marks DIB’s first foray in the Far East, the bank owns a nearly 25% stake in the Indonesian bank. Additionally, in May 2017, Dubai Islamic Bank PJSC was given the license by the Central Bank of Kenya (CBK) to operate its subsidiary, DIB Kenya Ltd. DIB has been designated as D-SIB (Domestic Systemically Important Bank) in 2018 in UAE. In early 2020, DIB completed the acquisition of Noor Bank, which solidifies its position as a leading bank in the global Islamic finance industry. In 2023, DIB entered Turkey through a 20% acquisition of T.O.M. Group which provides digital banking services.

DIB is committed to leading the way in sustainable Islamic financing, with a total sustainable sukuk issuances of USD 2.75 billion to date and strategic involvement in green and sustainable capital markets, reflecting the bank’s ongoing dedication to ESG principles and a sustainable future.

The bank’s ultimate goal is to make Islamic finance the norm, rather than an alternative to conventional banking worldwide. DIB has won a range of accolades that are testament to these efforts across diversified areas, including retail, corporate and investment banking, as well as CSR and consultancy services. DIB has been named the Best Islamic Bank in various prestigious ceremonies and recognised for its outstanding performance amongst the world’s Islamic Banks, marking it a clear indication of the bank’s leadership position in the Islamic finance sector.

For more information, please visit us at www.dib.ae

For further information, please contact:
Kashif Moosa
Head of Investor Relations & Strategic Communication
Dubai Islamic Bank
E: kmoosa@dib.ae

Tameem Alkintar                                                                          
Account Director                                                
Weber Shandwick                                                         
E: TAlkintar@webershandwick.com                      

About Nasdaq Dubai:  

Nasdaq Dubai is the international financial exchange serving the region between Western Europe and East Asia. It welcomes regional as well as global issuers that seek regional and international investment. The exchange currently lists shares, derivatives, Sukuk (Islamic bonds), conventional bonds and Real Estate Investment Trusts (REITS). The majority shareholder of Nasdaq Dubai is Dubai Financial Market with a two-thirds stake. Borse Dubai owns one third of the shares. The regulator of Nasdaq Dubai is the Dubai Financial Services Authority (DFSA).

For further information, please contact:
Noora Al Soori
Communications and Public Relations
Dubai Financial Market
E: nalsoori@dfm.ae

Shruti Choudhury                                                                         
Account Director                                                
Edelman Smithfield                                                         
E: dfmedelmansmithfield@edelman.com