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ADIB launches $1b Tier 1 Islamic bond
- United Arab Emirates: Saturday, November 10 - 2012 at 04:45
Abu Dhabi Islamic Bank (ADIB), the emirate's largest Shari'ah-compliant lender, has launched a $1bn Islamic hybrid sukuk to boost its core capital, after attracting strong demand, Reuters has reported. The sukuk will be classed as deeply subordinated, with proceeds used to strengthen ADIB's Tier 1, or core, capital rather than booked as a liability on its balance sheet. The bank had a Tier 1 capital ratio of 13.45% at the end of June 2012 and said in its second-quarter results that it aimed to raise this to above 15% in the near term.
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