DIB is largest UAE Sukuk issuer on Nasdaq Dubai
Dubai – Dubai Islamic Bank (DIB), the largest Islamic Bank in the UAE, rang the market-opening bell today to celebrate the listing of a 750 million US dollar Sukuk on Nasdaq Dubai.
The Sukuk was 4.9 times oversubscribed with a profit rate of 6.25 per cent per annum, with nearly 40% of investor interest coming from outside the Middle East. As a perpetual non-call 6-year Sukuk, it was the first hybrid capital issuance from the GCC in 2019.
DIB is the leading UAE-based Sukuk issuer by value on the exchange with a total of six billion US dollars from seven instruments including the latest listing.
Dr. Adnan Chilwan, Group Chief Executive of DIB, said: “The high subscription rate for our latest Sukuk demonstrates strong global investor confidence in DIB’s performance and strategy. We are delighted that our Sukuk was able to achieve the lowest pricing at 6.25 per cent of any Basel III compliant AT1 instruments issued under the new capital guidelines from the UAE. Our listing on Nasdaq Dubai provides our issuance with a well-regulated platform that has close links to regional and global investors. We will maintain our policy of close engagement with the investor community to inform them of our positive financial performance and plans.”
Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said: “Our successful collaboration with DIB is a powerful example of the leading role played by Dubai institutions in Islamic finance. We are committed to supporting Dubai’s growth as the global Capital of the Islamic Economy, under the initiative launched by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minster, and Ruler of Dubai.”
The total value of all Sukuk listed on Dubai’s exchanges has now reached 61.14 billion US dollars, the largest amount of any listing centre in the world.
Hamed Ali, Chief Executive of Nasdaq Dubai, said: “DIB’s role as a major issuer of Sukuk reflects the bank’s expertise and longstanding experience in many aspects of Islamic finance across the UAE and beyond. We look forward to further strengthening our collaboration with DIB as we expand our activities in Sharia’a-compliant capital markets for the benefit of issuers and investors.”
DIB’s 750 million US dollar Sukuk listed on Nasdaq Dubai on January 22, 2019. Allocation was 62 per cent to Middle East investors, 19 per cent to Europe, 18 per cent to Asia and one per cent to US offshore.
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). Nasdaq Dubai is located in the Dubai International Financial Centre (DIFC).
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 the second largest Islamic bank in the world. The Bank currently operates around 70 branches and more than 550 ATMs across the UAE, is present in seven markets worldwide and is expanding its global footprint to further grow and develop the industry. Serving close to 1.9 million customers, DIB offers its growing consumer base an increasing range of innovative Sharia compliant products and services.
In addition to being the first and largest Islamic bank in the UAE, DIB has a significant international presence as a torchbearer in promoting Shari’ah-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 40% 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.
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. A clear indication of the bank’s leadership position in the Islamic finance sector, DIB has been named the Best Islamic Bank in the various prestigious ceremonies. Recognizing its outstanding performance amongst the world’s Islamic retail banks, the bank was recently named as the “Strongest Islamic Bank in the World” during the Islamic Retail Banking Awards 2018. Reflective of its leadership in the global Islamic finance industry, DIB has also been recognized with a number of accolades including Banker Middle East Awards, Dubai Service Excellence Scheme, Global Finance, The Banker and Islamic Finance News Awards.
For more information, please visit us at www.dib.ae
For more PR information, please contact:
Dubai Islamic Bank
Kashif Moosa
Head of Investor Relations
Direct: +971.4.2075454
Email: kmoosa@dib.ae
Weber Shandwick
David Ross
Senior Account Director
Direct: +971.4.445 4254
Email: DRoss@webershandwick.com
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