Business | Banking
Dubai Islamic Bank arm raises over Dh20b in first half
Dubai Islamic Bank's (DIB) wholly-owned investment banking arm, Millennium Capital Ltd, on Tuesday said it has raised more than Dh20 billion in sukuk and syndication transactions since the beginning of this year.
- Staff Report
- Published: 00:01 June 25, 2008
Dubai: Dubai Islamic Bank's (DIB) wholly-owned investment banking arm, Millennium Capital Ltd, on Tuesday said it has raised more than Dh20 billion in sukuk and syndication transactions since the beginning of this year.
DIB has risen to second place in the Gulf Cooperation Council (GCC) Islamic Bonds League Tables, up from sixth in 2007, according to the Bloomberg Underwriter Rankings published this month.
The largest GCC-based banks such as DIB, the world's first Islamic bank, have seen increasing competition from the leading global investment banking firms for a share of this fast-growing Sharia-compliant market space.
Despite the stiff competition, DIB has successfully managed to further strengthen its leadership position in this sector.
Strong response
Khalid Kamdah, group managing director and chief executive, said, "UAE issuers such as DIB continue to receive a strong response from the markets. Since the successful Dh7.5 billion closure of the first rated sukuk for the Jebel Ali Free Zone in Dubai in November 2007, DIB has continued to play the lead role in channelling the vast liquidity of the region into the sukuk and syndication market.
"This channelling has improved asset allocation and provided scale and depth to the domestic capital markets in a very meaningful way."
Since the beginning of the year, within the UAE, DIB has acted as lead manager, arranger and book runner on over 90 per cent of all sukuk transactions within the market, as well as over 60 per cent of Islamic syndication transactions.
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