Emirates Islamic has successfully issued a US$750 million Senior Unsecured Sukuk on March 18, 2025, marking another milestone in its growth journey.
The issuance received an overwhelming response, attracting an order book exceeding $1.6 billion, resulting in an oversubscription rate of 2.1 times. This strong demand enabled the bank to tighten the spread by 30 basis points, pricing the Sukuk at 95 basis points over five-year US Treasuries, with a coupon rate of 5.059% per annum.
The Sukuk witnessed robust participation from over 100 investors, including first-time buyers, underscoring Emirates Islamic's increasing global recognition. Regional investors accounted for 80% of allocations, while 20% went to international investors.
Farid AlMulla, CEO of Emirates Islamic, highlighted that this milestone reinforces the bank’s growing reputation within the global investor community. Mohammad Kamran Wajid, Deputy CEO, emphasized the issuance as a testament to the bank’s commitment to being the most innovative Shariah-compliant institution. Ebrahim Qayed, Head of Treasury and Markets, described the market response as "phenomenal," citing the success of two consecutive $750 million issuances as proof of rising investor confidence.
The issuance was jointly managed by Emirates NBD Capital, HSBC, Mashreqbank, Dubai Islamic Bank, Standard Chartered Bank, and Sharjah Islamic Bank. This latest Sukuk further strengthens Emirates Islamic’s position in the global Islamic finance landscape.
News Source: Emirates News Agency
