Emirates Islamic has won the ‘Most Innovative Sukuk’ award, presented by the globally renowned Financial Times’ monthly publication, The Banker, for its inaugural AED 1 billion dirham-denominated sukuk.
Emirates Islamic recently announced the successful pricing of its inaugural AED 1 billion ($272 million) dirham-denominated sukuk, the first such dirham sukuk issuance by a UAE bank.
The Sukuk sale is intended to expand financing options for UAE corporations with Shari’ah-compliant needs while enhancing the development of the medium-term dirham yield curve.
The three-year issue attracted a strong orderbook and was 2.5 times oversubscribed which allowed the Bank to tighten the profit rate to 5.05 percent, at a spread of 67 basis points over UAE Government Treasuries.
Mr. Mohammad Kamran Wajid, Deputy CEO of Emirates Islamic added, “We are pleased to be recognized by a prominent institution like The Banker for our contribution to supporting UAE government initiatives to develop the local debt market.”
“The strong vote of confidence on our inaugural AED 1 billion dirham-denominated sukuk from global Shari’ah-compliant investors reflects Emirates Islamic’s standing as an innovation-led leader in the UAE Islamic banking sector,” Mr. Wajid added.
