DIB to buy back $50.6m of sukuk

Dubai Islamic Bank (DIB) will buy back $50.6 million (Dh185.7 million) of its sukuk maturing in 2012.

The buy-back price will be 88 per cent of the bonds' face value, the bank said in a statement to Nasdaq Dubai on Wednesday.

The settlement date for the purchase is May 21. Dubai Islamic has $750 million of sukuk due 2012. The bank on May 6 had offered to buy back as much as $200 million of sukuk.