DIB Rings Market-opening Bell to Commemorate Listing On Nasdaq Dubai
Dubai Islamic Bank struck the market’s opening bell to commemorate the Nasdaq Dubai listing worth 750 million US$. The Sukuk marks the first sustainable Sukuk issued by a Dubai entity, and it was published following the DIB’s Sustainable Finance Structure, which was developed to facilitate the funding of social projects and initiatives. DIB effectively rated the five-year issuance with a profit rate at 5.493% every year, representing a 155-basis point spread over5 year-US Treasuries.
Rating A by Fitch and A3 by Moody’s, the banks provided the fresh Sukuk Programme worth 7.5 billion US$. It has increased the total worth of DIB Sukuk described on Nasdaq Dubai underneath this scheme to 5.55 billion US$, bringing the value of DIB Sukuk noted on the region’s global financial exchange 7.8 billion US$. The fresh listing has increased the whole value of Nasdaq Dubai’s ESG-linked bonds to 16.825 billion US$.
“We are happy to complete this agreement that has accomplished several markers as a financially viable Sukuk from an Emirates entity and in the capital markets worldwide,” said Dr. Adnan Chilwan, CEO of DIB. He further adds, “The strong investor demand demonstrates the market’s confidence in DIB’s growth in the industry. The strong investor demand demonstrates the market’s confidence in DIB’s growth plan and our prominent involvement in enabling tremendous growth and success. Our listing strengthens our connections with investors worldwide, thanks to the exchange’s increased visibility and organized system.”
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