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Start your banking journey with the leading bank in the region.
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All our cards offer you an exciting range of rewards and benefits.
Find a suitable card and applyGet the most out of your credit card by exploring its different benefits.
Learn all about how to use your card's features and benefits to the fullest.
Visit our dedicated support center for answers to all your banking-related questions.
Here's how to make the most out of your loan with us.
Visit our dedicated support center for answers to all your banking-related questions.
Our various FX products and services help you conduct your international transactions easily.
Our wide range of transfer options make it easier for you to send money locally and internationally.
Learn all about how you can seamless use our services to transfer money.
Our wealth solutions help you manage your financial future better and achieve your financial goals.
Know more about our Wealth servicesLife is uncertain but you can be prepared to face adversity with our wide range of insurance plans.
Access to over 11,000 stocks and ETFs in Global and UAE markets
Visit our dedicated support center for answers to all your banking-related questions.
Everyday banking is a lot easier with our digital banking platforms and services.
Discover more about banking with usWe have over 200 branches and 900 ATMs and CDMs across the UAE and overseas.
Learn more about our services and get the most out of your banking relationship with us.
Visit our dedicated support center for answers to all your banking-related questions.
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Introducing Signature, a programme of distinction reserved for the upper crust of Emirates NBD
Our wealth solutions help you manage your financial future better and achieve your financial goals.
Life is uncertain but you can be prepared to face adversity with our wide range of insurance plans.
Everyday banking is a lot easier with our digital banking platforms and services.
Learn more about our services and get the most out of your banking relationship with us.
We welcome you to a bespoke banking experience tailored to suit your private banking & wealth management needs, should you, your family, or your business have USD 5 Million (or currency equivalent) and above as Assets Under Management with us.
Dubai, 09 February 2023: Emirates Islamic, the Islamic subsidiary of Emirates NBD Group, has announced the successful pricing of its inaugural AED 1 billion dirham-denominated sukuk, the first such dirham sukuk issuance by a UAE bank. The Group’s sukuk sale will expand financing options for UAE corporations with Sharia’a-compliant needs while enhancing the development of the medium-term dirham yield curve.
The three-year issue witnessed robust demand and was oversubscribed 2.5 times. The strong order book, which exceeded AED 2.5 billion dirhams, allowed the bank to tighten the profit rate to 5.05%, at a spread of 67 basis points over UAE government treasuries.
The sukuk sale demonstrates Emirates Islamic’s commitment to deepening the liquidity of the local currency sukuk market following the creation of the Ministry of Finance’s medium-term dirham yield curve. The launch of the sukuk follows Emirate NBD’s AED 1 billion bond sale in January.
Salah Amin, Chief Executive Officer of Emirates Islamic said: “Emirates Islamic’s benchmark dirham sukuk further underscores the dirham bond market’s role as a significant and competitively priced source of funding for corporates. The robust demand is also a strong vote of confidence from global Sharia’a-compliant investors and demonstrates the strong appetite for dirham denominated fixed income products and services. Emirates Islamic is proud to play an important role in reinforcing the UAE’s position as the financial center of the region and supporting government initiatives.”
Mohammad Kamran Wajid, Deputy CEO of Emirates Islamic added: “Encouraged by the successful and heavily oversubscribed dirham bond issuance by Emirates NBD, Emirates Islamic has taken the opportunity to tap the market for an attractively priced dirham sukuk. The strong demand for the sukuk reflects the healthy appetite among Sharia’-compliant investors for a dirham-denominated issue. At the same time, the sukuk’s strict adherence to the latest Sharia’a-compliant standards has allowed us to tap a deep pool of global liquidity and attract a wide range of investors. This milestone sukuk is fully aligned to the UAE Government’s objective of developing the local debt market and the ‘Dubai: Capital of Islamic Economy Initiative’.”
Emirates NBD Capital was sole global coordinator, and Dubai Islamic Bank PJSC, First Abu Dhabi Bank PJSC and Standard Chartered Bank were joint lead managers and joint bookrunners for the sukuk.
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