DIB completes Dh25 billion worth of deals

DUBAI — Dubai Islamic Bank (DIB) yesterday announced that it had crossed the landmark Dh25 billion mark for the value of deals for which it has been mandated or lead managed since June 2004.

By A Staff Reporter

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Published: Mon 16 May 2005, 10:36 AM

Last updated: Thu 2 Apr 2015, 5:08 PM

The bank had raised funds from the international capital markets for huge projects such as the Government of Dubai Department of Civil Aviation's (DCA) $1.2 billion Sukuk.

“DIB's funding activities have certainly contributed to the rapid economic growth of the UAE and been a vital factor throughout the region. We believe that it is because of the growing recognition of our leading position as an Islamic financier that companies come to us for fundraising and increasingly demand that we take the lead in the action, mandating DIB as lead manager and arranger,” said Saad Abdul Razak, DIB's Chief Executive.

The quality and size of DIB's deal making has made it the Islamic partner of choice for many of the leading global financial institutions and banks that have been involved in some of its funding exercises.

“The bank has been very influential in getting the Islamic Sukuk market off the ground. The US$1.2 billion DCA issue was particularly important since it raised the profile of the bank and of Islamic finance and confirmed that both were more than suitable to play a leading role in even the biggest deals,” said Aref Kooheji, DIB's Executive Vice President of Investment and Corporate Banking

DIB continues its efforts to develop the Sukuk. Recently it partnered with the Dubai Metals & Commodities Centre (DMCC). This led to DIB's appointment as the Mandated Lead Arranger and Joint Lead Manager for its gold-related Sukuk, the first UAE treasury instrument of its kind to be rated by credit ratings agency Standard and Poor's.

In addition to participating in local and international Sukuks, DIB was involved in a series of Ijarah financing deals, one of the most prestigious of which was Nakheel's $350 million syndication for which the bank was lead manager and arranger. DIB was also the sole underwriter for the Dh3.59 billion credit facilities required by the joint venture that has been awarded the contract for the second phase of the Dubai International Airport expansion project.

On a regional front, DIB was appointed one of the Lead Arrangers for the $530 million Islamic finance tranche for Qatar Gas II. They were also able to take their expertise abroad and participate in the Pakistani Government $600 million Sukuk, which raised $1.2 billion. This amply demonstrated that the bank is a true international player.

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