The first in a series of roadshows was held in Dubai today and will continue in a number of countries in the Middle East, Far East and Europe. Global rating agencies Moody's and Standard & Poor's have assigned preliminary ratings of 'A1' and 'A' respectively to the proposed Sukuk issue. The Sukuk is expected to be listed on both the Dubai International Financial Exchange and London Stock Exchange.
The Dubai presentation was attended by a number of potential investors. Saad Abdul Razak, CEO of Dubai Islamic Bank Group, DIB's senior management, and senior officials from Barclays Capital, Citigroup and Standard Chartered Bank also attended the meeting.
Commenting on the announcement, Saad Abdul Razak, said: "DIB's maiden Sukuk is taking shape at a time when the bank is witnessing tremendous growth locally and overseas. After having successfully lead-managed high-profile Sukuk for others in the region, DIB is now the issuer and the proposed Sukuk is an important element of our business plans."
"In line with our ambition to become a global player, we have already started operating beyond the UAE with a full commercial banking franchise in Pakistan and representative offices in other countries. From a balance sheet of AED 15 billion in 2001, the bank has grown over four-fold within a span of 5 years and ended 2006 with a balance sheet of AED 64.5 billion."
DIB's income has phenomenally increased from AED 160 million in 2001 to AED 1.56 billion in 2006, growing 10 times within a short span of five years. The branch network has grown from 19 branches in 2003 to more than 38 in the UAE and continues to grow.
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Dubai Islamic Bank kick-starts roadshows for its inaugural Sukuk
- United Arab Emirates: Sunday, February 25 - 2007 at 13:33
- PRESS RELEASE
Dubai Islamic Bank (DIB) today commenced roadshows to market its debut dollar-denominated Sukuk which is being lead-managed by Barclays Capital, Citigroup and Standard Chartered Bank.
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About Dubai Islamic BankDubai Islamic Bank (DIB), established in 1975, is the first Islamic bank to have incorporated the principles of Islam in all its practices. DIB is a public joint stock company and its share is quoted on the Dubai Financial Market.
The bank reported AED 1.56 billion in net profit for the year ended December 31, 2006 rising by 47% compared to AED1.06 billion for the year ended December 31, 2005. The profit for 2006, including depositors' profits, stood at AED 3.3 billion, an increase of 65% compared to AED 2 billion for the year ended December 31, 2005. Total assets in 2006 reached to AED 64.5 billion reporting an increase of 50% compared to AED 43 billion in 2005.
Financing and investment operations also delivered strong growth, with total investment and financing assets including investments in sukuks stood at AED 38.8 billion, an increase of 28% over last year. Customer deposits also showed an aggressive growth of 43% over last year reaching AED47.7 billion in 2006.
DIB has recently announced the breaking of another world record by raising US$3.52 billion Sukuk for the Nakheel Group. This Sukuk adopted a 1st of its kind structure never used before in Islamic or conventional banking history. The Nakheel Sukuk brings the total Sukuk raised by DIB in the UAE to more than US$9 billion (AED33 billion), an unprecedented amount in the history of Islamic Banking.
The bank has been proactive in creating partnerships and alliances at local and international level. DIB has adapted an aggressive expansion strategy, which started with the establishment of DIB Pakistan Limited, a wholly owned subsidiary of DIB. DIB opened its first representative office in Turkey to improve its access to that market. DIB has also acquired 60 per cent of its stake in Al Khartoum Bank and is also among the parents banks of Emirates and Sudan Bank (ESB). The steps taken mark DIB's ambitious plans to roll out its operations into regional and international markets as part of its overall strategic plan.
For further information, please contact:
Nicholas Nesson / Bakul Gala / Tarek Fleihan
Mobile: (+97150) 4785324 / 2459547 / 5198511
ASDA'A Public Relations
Dubai, UAE
Tel: +971-4-3355969
Fax: +971-4-3344556
Posted by Anne-Birte Stensgaard, Senior News EditorSunday, February 25 - 2007 at 13:33 UAE local time (GMT+4)
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This article was updated on Tue Mar 06 2007.
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