Emirates Islamic issues $750 million Sustainability Sukuk

DUBAI (WAM)

Emirates Islamic has announced the successful pricing of its $750 million first-ever Sustainability Sukuk, marking a significant milestone in the bank’s sustainable journey and Islamic finance industry.

This is the first Sustainability Sukuk issued out of the UAE following the release of the International Capital Market Association (ICMA), the Islamic Development Bank (IsDB) and the London Stock Exchange Group (LSEG) Guidance on Green, Social & Sustainability Sukuk in April 2024.

In a statement on Wednesday, the bank said that the five-year issue witnessed robust demand from investors across different regions and was oversubscribed 2.8 times.

The strong order book, which exceeded $2.10 billion, allowed the bank to tighten the profit rate to 5.431 per cent per annum, at a spread of 100 basis points over 5 Year US treasuries.