Emirates Islamic successfully closes US$ 500 million Sukuk issuance
Dubai:Emirates Islamic, one of the leading Islamic financial institutions in the UAE and rated A+ (stable) by Fitch, has successfully closed the issuance of a US$ 500 million 5-year Sukuk from its US$ 2.5 billion Certificate Issuance Programme.
The landmark issuance rated A+ by Fitch will be listed on NASDAQ Dubai and Euronext Dublin. Investors showed strong appetite which resulted in an order book of USD$ 1.2 billion which was roughly 2.4 times issuance size with a profit rate of 1.827%, the lowest achieved by a UAE bank in the past ten years.
The investor base was diversified geographically, with 41% placed into the Middle East and North Africa, 28% allocated to Asia, 17% to US offshore investors and 14% into Europe. The success of this transaction, in an especially busy period of GCC fixed income financing, reiterates the Bank’s strong appeal to investors.
Bank ABC, Citigroup, Dubai Islamic Bank, Emirates NBD Capital, HSBC, Standard Chartered Bank and The Islamic Corporation for the Development of the Private Sector acted as Joint Lead Managers and Bookrunners for the transaction.
Salah Amin, Chief Executive Officer, Emirates Islamic commented: “We are extremely proud that the Sukuk issuance has been oversubscribed reaffirming strong investor confidence in Emirates Islamic’s fundamentals and growth story. We are pleased with the overwhelming response from both regional and global investors which is a positive endorsement of the Bank’ credit strength and investor proposition.”
About Emirates Islamic:
Emirates Islamic (DFM: EIB), part of Emirates NBD Group, is one of the fastest growing banks in the UAE. Established in 2004 as Emirates Islamic Bank, the bank has established itself as a major player in the highly competitive financial services sector in the UAE.
Emirates Islamic offers a comprehensive range of Shari’a-compliant products and services across the Personal, Business and Corporate banking spectrum with a network of 58 branches and 210 ATMs/CDMs across the UAE. In the fast-growing area of online and mobile banking, the bank is an innovator, being the first Islamic bank in the UAE to launch a mobile banking app and offer Apple Pay, as well as being the first Islamic bank in the world to launch Chat Banking services for customers via WhatsApp.
Emirates Islamic received a number of international and regional awards in 2019, in recognition of its focus on customer excellence, robust performance, and innovation in Islamic banking. The bank was recognised as ‘Best Islamic Bank, UAE’ at the World Finance Awards 2019; ‘Best Islamic Bank’ at the Global Islamic Finance Awards 2019; ‘SME Bank of the Year’ by Enterprise Agility Awards; and ‘Most Innovative Islamic Bank’ by Islamic Finance News magazine. As an Emiratisation champion in the banking sector, Emirates Islamic was the recipient of the ‘Human Resources Development’ award by Emirates Institute for Banking and Financial Studies (EIBFS).
Emirates Islamic was also awarded ‘Most Innovative Islamic Retail Bank in the UAE’ and ‘Excellence in Digital Banking’ at the 5th Islamic Retail Banking Awards 2019; ‘Best Retail Bank’ and ‘Best Digital Banking Proposition’ by Islamic Business & Finance Magazine; and ‘Best Banking Product’ (Kunooz) by Global Banking & Finance Review. The Bank was recognised for ‘Most Improved Website’ at the 2018 Service Olympian Awards.
As part of its commitment to the UAE community, the Emirates Islamic Charity Fund provides financial aid to those in need, with a focus on food, shelter, health, education and social welfare contributions.
For further information please visit www.emiratesislamic.ae