Dubai, 30 August, 2016

Emirates Islamic, one of the leading Islamic financial institutions in the UAE, today announced that it has successfully closed a US$ 250 million tap of its earlier US$ 750 million 5-year Sukuk issued in May 2016. This is under the bank's US$ 2.5 billion Certificate Issuance Programme. The tap generated an order book of US$ 706 million, reflecting the solid regional and international investor confidence in the bank.

Earlier this month, ratings agency Fitch affirmed Emirates Islamic's 'A+' rating, assigning the bank a Long-Term Issuer Default Rating (LT IDR) of 'A+' with a Stable Outlook, Short-Term IDR (ST IDR) of 'F1', and a Viability Rating (VR) at 'bb-'. The ratings agency also affirmed the bank's Support Rating of '1'.

Jamal Bin Ghalaita, Chief Executive Officer of Emirates Islamic said: "The transaction has allowed us to benefit from current market opportunities, including availability of cheaper liquidity and a lower profit rate environment. We are delighted with the overwhelming interest in our offering which will enable us to secure long term growth and development plans. The success of this transaction demonstrates the strong investor confidence in our financials and growth outlook as well as the favourable outlook for the UAE economy."

Emirates Islamic reported an AED 137 million net profit in H1 2016, with an 11 per cent increase in total income (net of customers' share of profit) to AED 1.23 billion compared to the total income (excluding one offs) for the same period last year. The bank's total Assets were at AED 57.2 billion, up by 8 per cent from end 2015 and customer deposits increased by 6.2 per cent from end 2015 to AED 41.8 billion.

The tap was priced at 5Y Mid-swaps +170bps and attracted investment from across GCC, Asia and Europe. The Joint Lead Managers for the transaction were Bank ABC, Dubai Islamic Bank, EMCAP and Standard Chartered Bank.

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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