Dubai – Mubasher: Emirates Islamic Bank has successfully issued a $750 million senior unsecured Sukuk, backing its strategic growth journey as well as the continued progress of the Islamic finance industry.
The Sukuk attracted a strong order book over $1.60 billion, resulting in a 2.1 times oversubscription rate, according to a press release.
The strong demand allowed the bank to tighten the spread by 30 basis points from initial price thoughts to 95 basis points over five-year US Treasuries, equating to a coupon of 5.059% annually.
Mohammad Kamran Wajid, Deputy CEO of Emirates Islamic, said: “As the UAE’s preferred Islamic bank, Emirates Islamic remains committed to developing pioneering products and services to cater to the increasing demand for innovative Islamic finance solutions based on the highest standards of ethical banking.”
Ebrahim Qayed, Head of Treasury and Markets at Emirates Islamic, commented: “The market response to our new Sukuk Issuance has been phenomenal. Concluding two sizable deals of $750 million each in two consecutive years is a testimony of the global market’s growing appetite for investment opportunities from Emirates Islamic.”
Emirates NBD Capital, HSBC, Mashreq Bank, Dubai Islamic Bank, Standard Chartered Bank, and Sharjah Islamic Bank acted as joint leaders for the issuance.
In 2024, Emirates Islamic Bank logged net profits after tax valued at AED 2.81 billion, versus AED 2.12 billion in 2023.
