Dubai Islamic Bank, the largest Islamic lender in the UAE, has successfully issued a $500 million Additional Tier 1 (AT1) sukuk with a competitive profit rate of 5.25%, a reduction from the initial price thoughts of 5.75%.
This sukuk will be dual-listed on Euronext Dublin and Nasdaq Dubai, attracting a diverse range of investors from private banks and fund managers across Europe, Asia, and the Middle East.
The bank highlighted that this transaction marks the lowest yield achieved by an emerging markets bank since April 2022, showcasing the strong demand for its sukuk.
The issuance was managed by a consortium of joint lead managers and bookrunners, including Al Rajhi Capital, Dubai Islamic Bank, Emirates NBD Capital, FAB, HSBC, Sharjah Islamic Bank, and Standard Chartered Bank, as reported by Reuters.
This successful issuance underscores Dubai Islamic Bank’s robust position in the capital markets and its ability to attract global investor interest in a challenging financial environment.
