Dubai Islamic Bank, which is the largest Islamic Bank in the UAE, is set to raise around $750 million by selling five-year sukuk on the stock exchange.
According to local media reports, the sukuk, which offers investors 140 basis points over midswaps, was oversubscribed by more than two-fold. Around $433 million was subscribed by the banks working on the sukuk issued by Dubai Islamic Bank.
Dubai Islamic Bank hired banks such as Bank ABC, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, Islamic Corporation for the Development of the Private Sector, Maybank, Sharjah Islamic Bank, Standard Chartered Bank and Warba Bank for the dollar-denominated sukuk sale.
Earlier this month, Dubai Islamic Bank launched the ‘Banking in Minutes’ facility which will allow citizens of UAE open a bank account with the bank through its mobile application. The ‘Banking in Minutes’ facility will also allow prequalified credit card customers to apply and get credit cards through the mobile application.
With regard to the new facility, Chief Executive Officer at Dubai Islamic Bank Dr. Adnan Chilwan, told the media, “We want to simplify banking for all, our current customers have already started witnessing the benefits of Dubai Islamic Bank’s digital offerings – but now, we want to make the same available those who are yet to experience the digitally intelligent banking we have on offer.”
Last month, the bank also entered into a three-year partnership with Tejari. Its JAGGAER ONE platform is one of the world’s leading independent spend management company. According to the deal, the JAGGAER ONE spend management platform will help digitally transform the Dubai Islamic Bank’s procurement process.