RIYADH: Dubai Islamic Bank has listed a $750 million sukuk on the Middle East’s international financial exchange, Nasdaq Dubai.
The five-year Sharia-compliant bond is part of a $7.5 billion sukuk program by the bank, the Government of Dubai Media Office reported.
The move is the country’s first sukuk issuance of the year. The sale by the UAE’s biggest Islamic lender attracted high investor interest, and was oversubscribed by more than 2.5 times.
The bonds were priced at 95 basis points with a profit rate of 2.74 percent.
This step comes amid efforts to strengthen Dubai capital markets’ position globally as one of the most prominent sharia-compliant securities listing centers.