Dubai Islamic Bank receives applications for the first sustainable Islamic Sukuk

Dubai Islamic Bank receives applications for the first sustainable Islamic Sukuk
Dubai Islamic Bank receives applications for the first sustainable Islamic Sukuk

A bank document showed, today, Tuesday, that Dubai Islamic Bank set an initial guiding price for the first sustainable five-year Islamic sukuk, which is 175 basis points higher than US Treasury bonds.

The deal, the size of which is expected to be determined later today, will be managed by Arab Banking Corporation (ABC), Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, Baitak Capital, Sharjah Islamic Bank and Standard Chartered, according to Reuters.

And Dubai Islamic Bank recorded a growth in net profits by 34% during the first nine months of the year 2022 on an annual basis, to reach 4.101 billion dirhams, compared to 3.069 billion dirhams for the same period in 2021.

The bank attributed this growth to the significant increase in core revenues, in addition to a steady decrease in impairment losses.

Net financing and sukuk investments increased by 3.3% since the beginning of this year, to reach 236 billion dirhams, at a time when the bank recorded about 43 billion dirhams of new total subscriptions.

The article is in Arabic

Tags: Dubai Islamic Bank receives applications sustainable Islamic Sukuk

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