The Sukuk was issued in March 2007 and since then was three times oversubscribed, with 45% allocation in the Middle East, 25% in Asia and 30% in Europe.
Issued through a special purpose vehicle, DIB Sukuk Company, the Sukuk is the only capital market issuance done directly by DIB and is claimed to be the first Sukuk to be listed both on the Dubai International Financial Exchange (DIFX) and the London Stock Exchange.
DIB deputy CEO – chief of consumer and wholesale banking Dr. Adnan Chilwan said the repayment of the Sukuk in full is a clear demonstration of the financial strength of DIB and is testament to the robust fundamentals built over the past years.
"The investor confidence gained by the Sukuk across a wide geography further highlight our credentials in successfully strengthening our funding sources, despite the challenging market conditions that prevailed globally. We will continue to explore potential opportunities to expand our funding sources in the future," Chilwan said.
For the fiscal year 2011, DIB reported an operating profit of Dhs1.03bn ($280m) for 2011, while net profit rose to Dhs1.01bn ($274.96m).
DIB’s total assets stood at Dhs90.59bn ($24.66bn) and the bank’s customer base continued to expand, with customer deposits reaching Dhs64.77bn ($17.63bn) at the end of 2011, and liquidity position comfortable at 74% Advances to Deposit ratio (ADR).
Tamweel, a mortgage finance company majority owned by DIB, recently launched its own $300m five-year Sukuk which was fully subscribed by the market.
