Emirates NBD's Islamic unit plans to issue more than $500 million sukuk this year and expects to merge with Dubai Bank before the end of 2012, Al Khaleej Arabic daily newspaper reported on Monday.
Emirates Islamic Bank's Chief Executive Jamal bin Ghalaita told the daily that ENBD will make 1 billion dirhams ($272.26 million) in revenue post the merger of Emirates Islamic Bank arm with Dubai Bank, the debt-laden lender acquired in October at the behest of the Dubai government.
ENBD was given cash by the United Arab Emirates' federal government and guarantees by Dubai to help it integrate the business.
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