Emirates Islamic successfully issued a $750 million senior unsecured sukuk on March 18, 2025, attracting over $1.6 billion in orders. As a result, the sukuk was oversubscribed by 2.1 times, highlighting strong investor confidence in the bank’s financial stability.
Farid AlMulla, CEO of Emirates Islamic, emphasized the importance of this achievement. He stated, “This milestone reinforces our growing recognition in the global market. The Islamic finance sector continues to expand, offering more sophisticated products and structures.”
Competitive Pricing and Market Confidence
Due to high demand, the bank reduced the spread by 30 basis points, setting it at 95 basis points over five-year U.S. Treasuries. This adjustment resulted in a competitive coupon rate of 5.059% per annum.
Ebrahim Qayed, Head of Treasury and Markets at Emirates Islamic, highlighted the bank’s strengthening position. He said, “Issuing two $750 million sukuks in consecutive years reflects the increasing global appetite for our investment offerings.”
Broad Investor Participation
The sukuk drew interest from over 100 investors, with 80% of allocations going to regional buyers and 20% to international participants. Many first-time investors joined, showcasing Emirates Islamic’s expanding global presence.
Mohammad Kamran Wajid, Deputy CEO of Emirates Islamic, reaffirmed the bank’s commitment to innovation. He noted, “As the UAE’s preferred Islamic bank, we continue to pioneer Shariah-compliant financial solutions while maintaining the highest ethical banking standards.”
Emirates NBD Capital, HSBC, Mashreqbank, Dubai Islamic Bank, Standard Chartered Bank, and Sharjah Islamic Bank acted as joint lead managers for the issuance.
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