Dubai: On March 21, 2025, Emirates Islamic successfully issued a USD 750 million 5-Year Senior Unsecured Sukuk on March 18, marking another milestone in its strategic growth journey and in the progress of the Islamic finance industry.
The issuance was highly oversubscribed, with orders exceeding USD 1.6 billion at a 2.1 times oversubscription rate, which enabled the bank to tighten the spread by 30 basis points to 95 basis points over 5-Year US Treasuries, resulting in a coupon of 5.059% per annum.
The Sukuk attracted strong global investor demand, with 80% allocated to regional investors and the remaining 20% to international investors. More than 100 investors participated, including a significant number of first-time buyers, underscoring the increasing recognition of Emirates Islamic among the global investor community.
Farid AlMulla, the Chief Executive Officer, said the successful issuance highlights the bank's growing influence and commitment to supporting the UAE economy. Mohammad Kamran Wajid, Deputy CEO, added that this deal aligns with the bank's vision to be the most innovative Shariah-compliant bank, offering pioneering products and services to meet the rising demand for Islamic finance solutions.
Ebrahim Qayed, Head of Treasury and Markets, noted that concluding two sizable USD 750 million deals in consecutive years reflects the market’s growing appetite for investment opportunities from Emirates Islamic.
Joint Lead Managers for the Sukuk included Emirates NBD Capital, HSBC, Mashreqbank, Dubai Islamic Bank, Standard Chartered Bank, and Sharjah Islamic Bank.
