Moody's affirms A1 rating of Emirates Islamic Bank's Sukuk trust certificates

The affirmation follows Moody's receipt and review of the final documentation for the Sukuk trust certificates, issued by a special purpose entity, EIB Sukuk Company Ltd, incorporated in the Cayman Islands. The outlook on this rating and all of Emirates Bank International ratings is stable.

The assigned A1 rating is at the same level as that of EIB's parent's, Emirates Bank International PJSC (EBI), long-term foreign currency issuer rating, given that EBI's obligations as guarantor of the Sukuk trust certificates will be direct and unconditional and will rank at least pari passu with its other unsecured and unsubordinated obligations.

EBI's foreign currency issuer ratings are set at A1/Prime-1 based on its expanding franchise and sound financials and on a strong likelihood of
external support from the UAE authorities and from EBI's main shareholder in case of need. Although on a stand-alone basis EBI's foreign currency issuer rating would be rated much lower given its C- bank financial strength rating (BFSR), these ratings are lifted to A1/Prime-1,
reflecting EBI's strong relationship with the Government of Dubai and its systemic importance as the second largest bank in the UAE.

Emirates Islamic Bank is a wholly owned subsidiary of Emirates Bank International, which is headquartered in Dubai, United Arab Emirates, and had total assets of AED 95.9 billion (USD 26.1billion) as at 31 December 2006.