Sharjah today

ADIB repays $500m sukuk

  • Thursday 01, December 2016 in 12:30 AM
Sharjah 24 – WAM: Abu Dhabi Islamic Bank (ADIB) announced on Wednesday that it had repaid in full a US$500 million Islamic bond or sukuk from its own resources, reflecting what it said was its strong liquidity position amid difficult market conditions.
The sukuk matured on November 30. The five-year sukuk, which were listed on the London Stock Exchange, were more than four times oversubscribed when they were launched in 2011 with a 3.78 per cent profit rate, ADIB said.

"ADIB’s ability to repay the sukuk from its own resources and without the need for refinancing demonstrates our strong liquidity position, especially in these challenging market conditions," said Abdul Qadir Khanani, Group Treasurer at ADIB. "The repayment of these sukuk shows the deep confidence that investors across a range of geographies have in ADIB and its long-term future. We will continue to explore potential opportunities to expand our funding sources," he added.

In November 2015, ADIB repaid a $750 million sukuk also from its own resources. The 5-year sukuk matured in November 2015 and had a profit rate of 3.74 per cent.