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December 5, 2022
13:40 pm
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Two minutes
Dubai: «Gulf»
On Monday, Dubai Islamic Bank rang the market opening bell to celebrate the listing of its first sustainable issuance of $750 million Sukuk on Nasdaq Dubai. The sukuk, which is the first sustainable sukuk issued by an Emirati institution, was issued in accordance with Dubai Islamic Bank’s sustainable financing framework with the aim of financing environmental and social initiatives and projects.
Dubai Islamic Bank succeeded in pricing the main issue for 5 years at a profit rate of 5.493% per annum, at a price higher by 155 basis points than the US Treasury bonds for more than five years.
Dubai Islamic Bank, rated A3 by Moody’s and rated A by Fitch Ratings, issued the new sukuk as part of its $7.5 billion sukuk issuance programme. The new listing brought the total value of Sukuk listed on Nasdaq Dubai under this program to $5.55 billion, and the total value of all DIB’s Sukuk listed on the IFC in the region to $7.8 billion.
The new listing raised the total value of ESG bonds and sukuk on Nasdaq Dubai to $16.825 billion.
Strong request
Dr. Adnan Chilwan, Group Chief Executive Officer of Dubai Islamic Bank, said: “We are pleased with the completion of this deal, which has achieved many milestones as the first ever sustainable sukuk from an Emirati institution and the largest issuance size in the global capital markets from a Gulf bank since February 2022. It reflects the strong demand Among the investors is the market’s confidence in Dubai Islamic Bank’s strategy to achieve growth, and it also reflects the bank’s pioneering and active role in the framework of efforts to stimulate economic growth. The listing of the sukuk on Nasdaq Dubai strengthens our ties with investors around the world, thanks to the exchange’s global presence and excellent regulatory environment.”
For his part, Hamed Ali, Chief Executive of Nasdaq Dubai and Dubai Financial Market, said: “We welcome the issuance and listing of Dubai Islamic Bank’s new sukuk on Nasdaq Dubai, as this step reflects the effectiveness of our successive efforts to provide a world-class financial market structure that supports the growth of the sustainable financing sector in Dubai and throughout. the scientist. We are committed to expanding the scope of our services in line with the requirements of issuers and investors, and to play an influential role in the context of the relentless endeavors to achieve the strategic goals of Dubai and the United Arab Emirates in relation to sustainable financing and other market activities related to governance, social and environmental responsibility.
It should be noted that the new sukuk were listed on November 30, 2022, which strengthens the position of the financial markets in Dubai among the most prominent global sukuk listing centers, with a total value of $80.3 billion.
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