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Dubai - Emirates Islamic, one of the leading Islamic financial institutions in the UAE, today announced that it had successfully closed the issuance of a US$ 750 million 5-year Sukuk from its US$ 2.5 billion Certificate Issuance Programme. The issue, which will be listed on NASDAQ Dubai and the Irish Stock Exchange, received overwhelming investor interest from across the globe and marked the Bank's return to the international debt capital markets after a period of four years.
In September 2015, Fitch, the global ratings agency, assigned Emirates Islamic a long term Issuer Default Rating (IDR) of 'A+' with a Stable Outlook, placing Emirates Islamic among the highest rated banks in the UAE.
Commenting on the Sukuk issuance, Jamal Bin Ghalaita, Chief Executive Officer of Emirates Islamic said: "We are extremely proud that the Sukuk issuance has been heavily oversubscribed, a testament to our success and investors' belief in our growth potential. As one of the fastest growing banks in the UAE last year, we are confident of maintaining our growth momentum over the coming years. We have decided to tap the market now to take advantage of the current market rates to drive our strategy and help us achieve our goal to become the clear leader in the Islamic banking sector."
For the twelve months ending December 31, 2015, the bank reported a 76 per cent year-on-year increase in net profit to AED 641 million. The bank's total net income (net of customers' share of profit) during the period rose to AED 2.43 billion, up 25 percent compared to AED 1.95 billion in 2014.
Bin Ghalaita further added, "The strong demand for this Sukuk is a clear sign of the resilience of the UAE economy, positive outlook of the nation's banking sector and the bank's strong credit fundamentals and growth outlook. Dubai has clearly emerged as the global hub for Sukuk, and we expect that this listing will give further impetus to Dubai's aim to become the global capital of Islamic economy, as per the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minster, and Ruler of Dubai."
The Sukuk was priced at 5Y Mid-swap+220bps and oversubscribed by 2.95 times. It attracted investment from across GCC, Asia and Europe. Emirates Islamic and Standard Chartered Bank were the Joint Global Coordinators, Joint Lead Managers and Bookrunners for the transaction while Al Hilal Bank, Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, HSBC, Maybank and Noor Bank acted as Joint Lead Managers and Bookrunners.
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About Emirates Islamic:
Established in 2004, as Emirates Islamic Bank, Emirates Islamic is one of the fastest growing banks in the UAE. Combining the best in Shari'a compliant services with the strongest levels of customer care and efficiency, the bank has established itself as a major player in the highly competitive financial services sector in the UAE. Offering products and services developed in line with the highest ethical standards, Emirates Islamic gives customers the transparency they seek in a strong, honest financial partner.
Emirates Islamic offers a comprehensive range of products and services across the Personal, Business and Corporate banking spectrum with a network of 61 branches and 199 ATMs/CDMs across the UAE. In the fast growing area of online and mobile banking, the bank has the reputation as an innovator, and was the first Islamic bank to launch a mobile banking app and the first bank in the Middle East to launch an App on the Windows 8 mobile platform.
Emirates Islamic has consistently received local and international awards, an acknowledgement of the bank's strong record of performance, growth and market leading banking practices. The bank was named 'Best Islamic Bank in the UAE' at the 2015 World Finance Awards and also won the prestigious Euromoney Award for Innovation in Islamic Finance 2015. In the Islamic Business & Finance Awards 2015, the bank was named 'Best Retail Bank, UAE'; 'Best Commercial Bank, UAE'; and 'Best Wealth Management, ME' . The bank also won 'Best Savings Account' for its popular Kunooz Savings Account and 'Best New SME Product' for its Business Banking Packages at the Banker Middle East Product Awards 2015.
For further information please visit www.emiratesislamic.ae
Or please contact:
Amina Al Zarooni
Media Relations Manager, Emirates Islamic
Tel: 971 4 4397430; Mob: 971 56 6405080
Email: AminaAlZarooni@emiratesislamic.ae
Tricia Kaul | Hiba Moussa
ASDA'A Burson-Marsteller, Dubai, UAE
Tel: 971-4-4507600, Fax: 971-4-4358040
Email: tricia.kaul@bm.com | hiba.moussa@bm.com
© Press Release 2016
