Dubai: Dubai Islamic Bank (DIB) said it has successfully closed $500 million (Dh1.8 billion) Sukuk issuance, marking the reopening of the market after a hiatus of more than four months.

“With nearly 40 per cent demand coming from markets other than GCC, this is a clear indication of the growing global investor confidence in Dubai Islamic Bank and the ability of the entity to successfully perform and pursue quality growth in an environment which many others view as highly challenging,” DIB’s Group CEO Dr Adnan Chilwan said in a statement.

The offering was significantly oversubscribed 2.4 times, attracting more than $1.2 billion in demand from 87 varied and high quality investors with a well-diversified geographical distribution,