UAE's ADIB launches $5 bln sukuk issuance program | Reuters

Abu Dhabi Islamic Bank ADIB.AD plans to raise as much as $5 billion through the sale of Islamic bonds, or sukuk, under a trust certificate issuance program detailed in a July 8 prospectus.

The second-largest lender in the United Arab Emirates posted the prospectus on the London Stock Exchange on Tuesday, listing HSBC (HSBA.L) as the lead arranger on the Islamic bond program.

State-controlled ADIB did not provide a reason for the sukuk issuance program, but the bank, like many other UAE financial institutions, has been forced to take provisions against bad loans amid the global financial crisis and turmoil over Dubai World's [DBWLD.UL] restructuring.