#Dubai Islamic Bank marks listing of $750m bond

Dubai Islamic Bank marks listing of $750m bond:

Dubai Islamic Bank (DIB) on Wednesday marked the listing of a $750 million sukuk — or Islamic bond — on the Nasdaq Dubai exchange. Executives on Wednesday rang the opening bell at the exchange following the listing, which took place on Jan. 22.

The value of DIB’s sukuk listed on the exchange is now $6 billion, including the latest listing, from seven instruments. The sukuk was 4.9 times oversubscribed with a profit rate of 6.25 percent per annum, and nearly 40 percent of investor interest coming from outside the Middle East, the UAE state news agency WAM reported.

“The high subscription rate for our latest sukuk demonstrates strong global investor confidence in DIB’s performance and strategy,” said Adnan Chilwan, group chief executive of DIB.