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Dubai Islamic Bank sells $500mln in perpetual sukuk-UAE

April 15, 2021
islamic finance

Profit rate comes at 3.375%

Dubai Islamic Bank, the UAE’s largest Islamic lender, on Wednesday sold $500 million in perpetual non-call 5.5 years additional Tier 1 sukuk with a profit rate of 3.375 percent per annum.

In a statement, the bank said despite the record low yield, the sukuk was 5.6x oversubscribed with an orderbook that peaked at $2.8 billion.

The sukuk is issued under DIB Tier 1 Sukuk (5) Ltd. and is listed on Euronext Dublin and NASDAQ Dubai.

Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC and Standar Charted Bank acted as joint lead managers and bookrunners on this transaction.

According to Dubai Islamic Bank, which is rated A3 by Moody's and A by Fitch, this is the lowest ever pricing achieved by a GCC bank (both conventional and Islamic) on an AT1 instrument and the lowest ever on a dollar AT1 sukuk globally.


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