Emirates Islamic, a leading Islamic bank in the UAE, has been honored with the prestigious ‘Most Innovative Sukuk’ award by The Banker, a renowned monthly publication under the Financial Times. The recognition comes in appreciation of Emirates Islamic’s inaugural AED 1 billion dirham-denominated sukuk, marking the first such dirham sukuk issuance by a UAE bank.
The successful pricing of the sukuk reflects Emirates Islamic’s commitment to expanding financing options for UAE corporations with Shari’ah-compliant needs, while also contributing to the development of the medium-term dirham yield curve. The three-year sukuk issuance garnered substantial interest, being oversubscribed 2.5 times, which enabled the bank to tighten the profit rate to 5.05 percent, with a spread of 67 basis points over UAE Government Treasuries.
Salah Amin, the CEO of Emirates Islamic, expressed his delight at receiving the ‘Most Innovative Sukuk’ award, emphasizing the bank’s role in reinforcing the UAE’s position as a financial center and supporting government initiatives.
Mohammad Kamran Wajid, Deputy CEO of Emirates Islamic, expressed gratitude for the recognition by The Banker, highlighting the strong vote of confidence from global Shari’ah-compliant investors in the bank’s inaugural AED 1 billion dirham sukuk.
Emirates Islamic’s benchmark dirham sukuk showcases the UAE’s bond market as a significant and competitively priced funding source for corporates, while the bank’s innovative approach cements its position as a leader in the UAE Islamic banking sector.
