Dubai Islamic Bank appoints banks to sell 5-year sukuk

A document reported today, Monday, that Dubai Islamic Bank, the largest Islamic bank in the UAE, has assigned banks to arrange the sale of five-year sukuk denominated in US dollars.

The document issued by one of the banks participating in the process showed that it is scheduled to work on arranging calls with investors starting today, including Arab Banking Corporation, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, Sharjah Islamic Bank and Standard. Chartered and the Islamic Corporation for the Development of the Private Sector.

This will be followed by a standard-size issuance, usually at least $500 million, of premium unsecured sukuks, according to market conditions, the document said.