Dubai, UAE— Dubai Islamic Bank (DIB) rang the market-opening bell today to celebrate the listing of its inaugural sustainable Sukuk with a value of US$750 million on Nasdaq Dubai.
The Sukuk is the first-ever sustainable Sukuk from a UAE entity and was issued in line with DIB’s Sustainable Finance Framework, which was created to facilitate financing of green and social initiatives and projects.
DIB has successfully priced the 5-year senior issuance with a profit rate of 5.493 percent per annum representing a spread of 155bps over 5-Year US Treasuries.
Also read: https://trendsmena.com/business/dubai-islamic-bank-issues-750m-five-year-sukuk/
The A3-rated bank by Moody’s and A by Fitch issued the new Sukuk under its US$ 7.5 billion Sukuk Programme.
It has raised the total value of DIB’s Sukuk listed on Nasdaq Dubai under this Program to US$ 5.55 billion and the total value of all DIB Sukuk listed on the region’s international financial exchange to US$ 7.8 billion.
The new listing has driven the total value of ESG-linked bonds and Sukuk listed on Nasdaq Dubai to US$ 16.825 billion.
Dr. Adnan Chilwan, Group CEO of DIB, said: “We are delighted to accomplish this deal that has achieved several landmarks as the first-ever sustainable Sukuk from a UAE entity and the largest issue size in the international capital markets from a GCC bank since February 2022. The strong demand from investors demonstrates the market’s confidence in DIB’s growth strategy and our active leadership role in empowering economic growth.”
Also read: https://trendsmena.com/business/dubai-islamic-bank-al-ramz-corporation-announce-strategic-alliance/
Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market, said: “We are delighted to welcome the issuance and listing of DIB’s new Sukuk as a step forward in Nasdaq Dubai’s endeavour to provide market participants with a world-class ecosystem that supports the growth of sustainable finance in Dubai and beyond.”
The new listing strengthens Dubai capital markets’ status amongst the leading Sukuk listing venues globally with a total value of US$ 80.287 billion.
