DIB expects $16bn in sukuk sales

by Dylan Bowman and Reuters Wednesday, 23 May 2007

Dubai Islamic Bank (DIB) expects to arrange the sale of around AED 60 billion ($16.34 billion) worth of Islamic bonds this year, its chief executive said today.

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The figure would be an 80% increase on the AED 33 billion ($8.99 billion) of Islamic bonds, sukuk, it managed the sale of over the past 18 months.
Speaking to investors in London, Saad Abdul Razak said DIB will lead manage sukuk for firms across "a wide range of sectors", including oil and gas, power, aviation and property.

"While 2006 was an excellent year for Dubai Islamic Bank, this year promises to be even more exceptional. In particular, DIB is expected to lead manage AED 60 billion worth of sukuk in 2007, which is a truly remarkable achievement," Razak said, without giving any details about who would be selling the bonds.

In November Aref Kooheji, DIB's executive vice-president of investment banking, said the bank was in advanced stages of talks with Gulf, European and North American firms about issuing as much as $12 billion worth of sukuk before the end of this year.

Last week the CEO of UAE mortgage lender Tamweel, Adel Al Shirawi, claimed at the World Economic Forum in Jordan that Islamic finance was now "truly mainstream".

Al Shirawi said sukuk made up around 17% of total lending in the region.



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