Emirates Islamic closes $500 million Sukuk issuance deal

RIYADH: Emirates Islamic, the Dubai-based bank, has said it has closed a $500 million five-year Sukuk issuance deal as part of its $2.5 billion Certificate Issuance Programme, Arab News reported.

The issuance, rated A+ by Fitch, is listed on the Nasdaq Dubai and Euronext Dublin’s regulated market.

The order book amounted to $1.2 billion, which is 2.4 times the issuance size, indicating the bank’s strong appeal to investors.

“The oversubscription and tight pricing of the issue demonstrate the strong investors’ confidence in our financials and growth outlook, as well as the favourable outlook for the UAE economy,” CEO Salah Amin said.