Emirates Islamic Bank’s USD 500 Million Sukuk Draws USD 1.2 Billion Orderbook; Record-Low Profit Rate

Emirates Islamic Bank (EIB) has successfully closed the issuance of its USD 500 million five-year Sukuk, with an order book of USD 1.2 billion, which is approximately 2.4 times the issuance size, according to media reports.

The Sukuk closed with a profit rate of 1.827%, which is the lowest achieved by a United Arab Emirates bank in the past decade, and drew in a diverse investor base, with 41% allocated to the Middle East and North Africa, 28% to Asia, 17% to US offshore investors and 14% to Europe, media reported.

Salah Amin, Chief Executive Officer of EIB, stated that the oversubscription of the Sukuk from both regional and global investors reaffirmed strong investor confidence o...