WAM Abu Dhabi, 4th February 2009 (WAM) -- In response to the Government of Abu Dhabi's initiative to inject additional capital into certain Abu Dhabi financial institutions, Abu Dhabi Islamic Bank PJSC (ADIB) announced today that it will issue Tier 1 capital sukuk to the Government of Abu Dhabi, with a principal amount of AED 2.0 billion (the "Sukuk").
The issuance of the Sukuk has been approved by ADIB's board of directors on Tuesday 03 February, and will be subject to obtaining shareholder approval.
The Sukuk will pay an expected return at a rate of 6% per annum, payable semi-annually in arrear from (and including) the issue date for a period of five years, and thereafter at a rate, reset and payable semi-annually in arrear, reflecting the initial margin above the then prevailing six month Emirates Interbank Offered Rate.
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